Shiba Inu (SHIB) Competitor Is the ‘Fastest Rising Asset in Crypto’ by Social Metric, Says Analytics Firm Santiment

19 September 2023

in SHIBA

Reading Time: 3 mins read

New data from crypto analytics firm Santiment shows that a Shiba Inu (SHIB) competitor is skyrocketing in one key metric relative to other altcoins.

According to Santiment, Dogelon Mars (ELON) is soaring in terms of social metrics, significantly surpassing all other digital assets. T

Santiment’s metric tracks mentions of cryptocurrencies on social media platforms in the last 24 hours.

According to Santiment, more than 62% of the discussion on social media about ELON is considered positive while about 19% is negative and another approximately 19% is neutral.

Says Santiment,

“Dogelon Mars is the fastest rising asset in crypto, in terms of discussion rate percentage increase. The token has also been seeing recent spikes in network growth, indicating new addresses are being generated at an increased rate.”

Source: Santiment/X

The memecoin’s name comes from a mashup of Dogecoin (DOGE) and Elon Musk, the billionaire entrepreneur who also has spoken out in support of DOGE.

ELON is trading for $0.000000132 at time of writing, up nearly 5% in the last seven days. The memecoin is ranked as the 296th crypto by market cap, and valued at about $73 million.

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The firm also weighs in on Bitcoin (BTC), which has traded in an enduring price range for months.

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“Bitcoin’s ranging has traders frustrated, and whales are sitting on the sidelines biding their time.”

Source: Santiment/X

According to the firm’s chart, BTC whale transactions of at least $1 million have significantly declined since July when Bitcoin crossed $30,000.

Bitcoin is trading for $27,391 at time of writing, up 0.6% in the last 24 hours.

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