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What Is Elon Musk-Inspired Elonomics?

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Tesla  (TSLA) - Get Tesla Inc Report CEO Elon Musk's tweets are closely watched by crypto enthusiasts as his tweets seem to fluctuate the prices of popular cryptocurrencies like Bitcoin, Ethereum and Dogecoin. 

Related: Elon Musk, Twitter, and Cryptocurrency - The Musk Effect

However, some crypto enthusiasts launched virtual coin named after Musk called 'Elonomics.' 

Launched on October 25, it’s a token issued on Binance Smart Chain blockchain. As per Benzinga, the Elonomics coin is a rebase token with an efficient rebasing mechanism.

"Our efficient rebase mechanism + our Elon Hour keeps the chart looking beautiful, keeping the FOMO and hype up at all times," said the creators of Elonomics on their official website.

The cryptocurrency also incentivizes its holders by rewarding them with popular stablecoin Binance USD.

The virtual currency grabbed attention when its price spiked to over $80 from 28 cents within 24 hours in October. 

Related: Elon Musk-Inspired Crypto Coin Jumped 10-Fold Since Monday

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