Can ELON price follow spike in network growth?

• Dogelon Mars (ELON) price is up 5% in the past week.
• The meme token has seen a spike in network activity as increased discussion adds to address growth.

Dogelon Mars (ELON) is one of the many meme coins that have recently seen significant declines, most notably as the broader market struggled with downside pressure earlier this month. This week’s spike in the price of flagship cryptocurrency Bitcoin to above $27k has however coincided with an uptick for most altcoins.

ELON price is one of the gainers in the past 24 hours, rising more than 5% as bulls caught a respite following a multi-week lull.

Dogelon Mars tops in crypto discussion

On-chain data shows interest in the meme coin has spiked amid growing discussions and network growth. The fresh outlook for the doge-inspired token suggests a potential push higher for the BTC and the mega cap altcoins could ignite more hype for ELON.

“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,” Santiment analysts posted on X.

Here’s a chart the market intelligence platform shared showing the spike in discussion and addresses.

What’s the price outlook for ELON?

Data from CoinGecko shows that Dogelon Mars’s daily trading volume is up nearly 40% in the past 24 hours. 

The meme token is however seeing some pressure and is down 1.3% in the past 24 hours as of writing.  This picture is largely similar to the top crypto assets, including Bitcoin, Ethereum, Dogecoin and Shiba Inu.

Although what happens next could depend on broader market conditions, the latest flip in crowd behaviour for ELON suggests a strong breakout is possible. If buyers retake the initiative above $0.00000013, a retest of the recent supply zone at $0.00000015 could encourage bulls. A flip lower could be catastrophic for ELON.