ELON and soaring movements continue to amaze people. For example, the coin recently rebounded 1200%, consolidated for a few days, and then rose 440%.

However, November is quite unfavorable for ELON. Compared to the first day of the month, ELON is down almost 44%.

ELON / USDT | Source: TradingView

New attraction by ELON

Although the trend in November is not very attractive, ELON is still being actively bought by large ETH investors. Data from WhaleStats shows that last day, ELON was among the top 10 tokens loved by wealthy people with 1k ETH or more.

Top 10 Tokens Purchased | The source: WhaleStats

Whales buying coins at this point suggest that the price will rise again in the coming days. The same thing happened with SHIB in early October: just before the massive rally, a single whale bought over 6.17 trillion SHIB tokens.

Shortly thereafter, the whale bought another 276 billion tokens in three separate transactions. Usually, the majority of the meme coin supply is held by whales. Thus, to some extent, they determine the price of the asset.

Given the recent appeal of ELON in the eyes of ETH whales and the strong buying activity, it’s safe to say that this meme coin has plenty of room to climb even higher. At the same time, ELON has managed to maintain third place on the charts, although other meme coins are barking louder at this point.

This shows that ELON has carved out a niche for itself. In addition, CryptoRank recently pointed out that ELON is one of the most wanted meme coins. It can be concluded from this that speculative interest rates are gradually forming in the current period.

Not very cheap

However, the status of most of the indicators is not in good shape.

For example, the number of active addresses has been quite low since the beginning of November; in the second half of October the indicator easily reached three digits. In the end, however, it is now hovering around the lows. At the time of writing, there are only 58 active ELON addresses.

The source: mood

The speed has also become far more chaotic. During the strong growth in October, this metric was relatively stable. So the current status basically indicates that ELON will probably correct a few more days before it climbs up on the price chart.

The average investment age of dollars also varies significantly. Although this indicator has been able to maintain an upward trend, so far it has been falling. Now that the dollar’s average investment age is getting younger, it means the “hibernation” coins “wake up” and the HODLer takes profits.

The source: mood

So, looking at the state of the indicators, it can be said that thanks to whale activity, the rally may have to wait a little longer before it kicks in.

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Minh Anh

According to AMBCrypto

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