$ELU | Legends of Elumia | Published Jan 2, 2024
Project: Legends of Elumia
Website link: https://www.elumia.io/
Documentation: https://docs.elumia.io/the-game/gameplay
Token: $ELU
Overview: Legends of Elumia is a AAA MMORPG backed by Animoca, Crypto.com and Spartan Group. It features World of Warcraft style gameplay and can already be played by owners of Elumia NFTs (https://magiceden.io/marketplace/heroes_of_elumia).
We believe Heroes of Elumia governance token $ELU has asymmetric risk/reward due to the heavy interest being shown by the market in blockchain gaming in addition to Elumia being built on Solana, one of the most heavily trafficked blockchains at the moment.
While governance-only tokens are not typically ideal for investing in, in a bullish market accompanied by a strong blockchain gaming narrative, the token utility is not likely to matter.
With Honeyland ($HXD), a Solana based mobile game, soaring to a $300M fully diluted market cap last month with no exchange listings, we believe $ELU at a $25M fully-diluted market cap has plenty of room to run.
Additionally, with Crypto.com and Gate.io as early investors, $ELU should have no trouble getting centralized exchange listings.
In the event of a strong bull market we believe blockchain gaming tokens will perform exceptionally well and become significantly over-valued due to the large amount of video based content that will be made with the video games.
As usual with these low caps, it is wise to take out one’s initial investment after a 2x, so the rest of the position can be free-rolled.
$ELU has pumped a bit recently, so any pullbacks to $10M - $15M FDV would make ideal entry points. As mentioned, even at $25M we feel it has plenty of potential.
Where to buy $ELU
$ELU can be purchased on the open market on Jup.ag with the $ELU contract address: 4tJZhSdGePuMEfZQ3h5LaHjTPsw1iWTRFTojnZcwsAU6