It is an active day in the altcoin market, accompanied by sudden rallies of certain projects. Some altcoins managed to attract the attention of users and investors with investment news. The main catalysts of the rally are as follows…
This altcoin is exploding in social volume
Discussions and user comments on social media platforms have a direct impact on prices. A surprise altcoin has experienced a massive explosion in social volume, according to a statement made by Santiment. With this momentum, it even surpassed Bitcoin. This important development indicates that a new leader has been born in the altcoin markets. However, experts warn investors to be careful due to the volatile nature of social media dynamics.
According to the report, “DogelonMars is the fastest rising altcoin project in the industry in terms of discussion rate percentage increase. The token has also been seeing recent spikes in network growth. This shows that new addresses are being created at an increasing rate.”
https://twitter.com/santimentfeed/status/1704143657098485767
According to Santiment’s report, the most mentioned altcoin projects on the social platform are as follows:
- Dogelon Mars (ELON)
- Bitcoin (BTC)
- Finsa (FNSA)
- MXC Token (MXC)
- Stacks (STX)
- Chainlink (LINK)
- Nym (NYM)
- inSure DeFi (SURE)
- Bluzelle (BLZ)
- eCash (XEC)
Altcoin Attracts Attention With a 25 Percent Increase
As we reported as Kriptokoin.com, the Spell Token (SPELL) price took action with the investment of DWF Labs in the early hours of the day. According to Lookonchain’s report, the company received 3.3 million SPELL from the Abracadabra.Money MIM Treasury Wallet during the day. This move brought $1.57 million in funding to the altcoin project.
DWF Labs(@DWFLabs) received 3.3M $SPELL($1.57M) from https://t.co/u62oFs5QmN: MIM Treasury Wallet just now.https://t.co/kgqks7bm2I pic.twitter.com/3BDgkmhiGE
— Lookonchain (@lookonchain) September 19, 2023
Following the investment, the SPELL price gained over 20% at one point. The altcoin is currently maintaining most of its gains.
STORJ pushes 4-week high
Finally, the altcoin named STORJ came to the fore with a remarkable rise. According to the data, the altcoin reached its highest level in 4 weeks and approached the $ 0.5000 mark. This momentum represents a significant achievement for STORJ. Riding on the trends, the altcoin is gaining popularity among investors.
However, if negative momentum regains control of the market, the next support level to watch is $0.3500. If tested again, this level has previously held steady and could create a rebound for STORJ.
Why is STORJ rising?
Support at the daily low of $0.2195 neutralized the negative trend experienced in the Storj (STORJ) market over the last 24 hours. As a result, buyers pushed STORJ’s price to a four-week high of $0.4271 before encountering resistance. If the bulls can climb above $0.4271, they will target $0.5000, a level they have not struggled with since May.
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