Benzinga - Dogelon Mars (CRYPTO: ELON), the 255th-ranked cryptocurrency by market capitalization, experienced a surge of 14% within the past 24 hours, surpassing the gains of other popular meme coins like Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE).
What Happened: Data from CoinmarketCap shows that ELON saw an 18.24% increase in trading volume, reaching a total of $14 million. As of the time of writing, ELON was trading at $0.0000001439 per token, while SHIB and DOGE experienced smaller gains of 1.27% and 2% respectively.
ELON is inspired by Elon Musk’s ambitions to eventually establish human settlements on Mars.
The surge in trading volume for ELON was primarily driven by activity on the Poloniex cryptocurrency exchange. The exchange accounted for the majority of the trading volume for the meme coin.
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Why It Matters: Data gathered by LunarCrush, a social analytics platform, indicates a 3,961% increase in ELON’s social engagement rate over the past 24 hours, amounting to a total of 212,506 engagements.
The increase in price comes on the heels of an intriguing event, where a whale made a purchase of nearly one trillion ELON tokens for 78 ETH (equivalent to approximately $125,000).
This transaction enhanced the positive sentiment around the coin and likely contributed to the surge in price.
Photo by CMP_NZ on Shutterstock
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