This Elon Musk-Themed Crypto Is Up 1,000% Over The Past 24 Hours – Benzinga – Benzinga

Bitcoin (CRYPTO: BTC) reached a fresh all-time high in Tuesday's sessionwith several altcoins joining the party as well. An under-the-radar crypto, meanwhile, is quietly making waves and has outperformed its more illustrious peers.

Elonomics (CRYPTO: ELONOM) has gained about 1,000% over the past 24 hours to earn the distinction of being the biggest advancer among cryptocurrencies, according to CoinMarketCap.

The Elonomics coin isa rebase tokenwith an efficient rebasing mechanism. Rebasing is a mechanism by which the total supply of a token is increased or decreased across all holders. This serves to adjust the token price without affecting the value of anyone's share of coins. This adjustment is donealgorithmically.

Related Link: Best Cryptocurrencies In 2021

Last Friday, the official Twitter handle of Elonomics made an announcement, which involveddApps,a complete solution platform with Portfolio Tracker, Rug Checker, Swap and Rewards Calculator as functions.

Elonomics rewards its holders with Binance USD, which is a stable coin. The coin is styled after TeslaInc(NASDAQ:TSLA) CEO Elon Musk.

ELONOM Price Action: Elonomics was trading up 863.93% at $33.60 Tuesday afternoon at publication. With the rally, the fully-diluted market cap of the token was also upat $33.5million.

Image byIvn Jesus RojasfromPixabay

Read more from the original source:

This Elon Musk-Themed Crypto Is Up 1,000% Over The Past 24 Hours - Benzinga - Benzinga