New Altcoin ELON Surpasses Other Cryptocurrencies in Social Metrics, According to Santiment
Crypto analytics firm Santiment has released data showing that Dogelon Mars (ELON), a competitor to Shiba Inu (SHIB), is experiencing significant growth in social metrics compared to other altcoins. Santiment’s metric measures the number of mentions of cryptocurrencies on social media platforms within a 24-hour period. The firm reports that ELON has generated the highest amount of discussion, with over 62% of it being positive, 19% negative, and approximately 19% neutral.
ELON Sees Increased Network Growth and Discussion Rate Percentage
Santiment states that Dogelon Mars is currently the fastest rising asset in the crypto space in terms of discussion rate percentage increase. Additionally, the token has witnessed spikes in network growth, indicating an increased generation of new addresses.
ELON: The Memecoin Named After Elon Musk and Dogecoin
Dogelon Mars derives its name from a combination of Dogecoin (DOGE) and Elon Musk, the billionaire entrepreneur who has expressed support for DOGE. As of now, ELON is trading at $0.000000132, reflecting a nearly 5% increase over the past week. With a market cap ranking of 296th, the memecoin’s value stands at approximately $73 million.
Bitcoin Struggles with Range-Bound Trading, According to Santiment
Santiment also comments on Bitcoin (BTC), which has remained within a price range for an extended period. The firm notes that traders are growing frustrated with Bitcoin’s ranging behavior, while whales are adopting a wait-and-see approach. Santiment’s chart reveals a significant decline in BTC whale transactions of at least $1 million since July when the cryptocurrency surpassed $30,000. At present, Bitcoin is trading at $27,391, representing a 0.6% increase over the past 24 hours.
Hot Take: ELON Rises as the Fastest-Growing Crypto by Social Metric
The recent surge in social metrics for Dogelon Mars (ELON) indicates that it is currently the fastest rising asset in the crypto market. With an increasing number of positive discussions and network growth, ELON has attracted attention and generated excitement among crypto enthusiasts. As the memecoin named after Elon Musk and Dogecoin gains traction, its value and market cap continue to rise steadily. Meanwhile, Bitcoin struggles to break free from its range-bound trading pattern, causing frustration among traders and leading whales to remain on the sidelines. ELON’s rapid ascent in social metrics highlights its potential as an emerging player in the cryptocurrency space.
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