New data from crypto analytics firm Santiment shows that a rival to Shiba Inu (SHIB) is skyrocketing against other altcoins in one key metric.
According to Santiment, Dogelon Mars (ELON) is rising in terms of social metrics, significantly better than any other digital asset.
Santiment’s metrics track mentions of cryptocurrencies on social media platforms over the past 24 hours.
According to Santiment, more than 62% of social media discussion about ELON is considered positive, while about 19% is negative and another about 19% is neutral.
Says Santiment,
“Dogelon Mars is the fastest rising asset in crypto, in terms of discussion rate increase. The token has also seen recent spikes in network growth, indicating that new addresses are being generated at a higher rate.”
The memecoin’s name comes from a mashup of Dogecoin (DOGE) and Elon Musk, the billionaire entrepreneur who has also spoken out in support of DOGE.
ELON is trading at $0.000000132 at the time of writing, up almost 5% in the last seven days. The memecoin is ranked as the 296th crypto asset by market capitalization and is valued at approximately $73 million.
The company too weighs on Bitcoin (BTC), which has been trading in a persistent price range for months.
“Bitcoin’s reach has frustrated traders, and whales are sitting on the sidelines biding their time.”
According to Santiment’s chart, BTC whale transactions of at least $1 million have dropped significantly since July, when Bitcoin surpassed $30,000.
Bitcoin is trading at $27,391 at the time of writing, up 0.6% in the past 24 hours.
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Featured image: Shutterstock/Digital_Art/Sensvector
