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

Bitcoin BTC/USD reached a fresh all-time high in Tuesday's session with 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 ELONOM/USD 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 is a rebase token with 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 done algorithmically.

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Last Friday, the official Twitter handle of Elonomics made an announcement, which involved dApps, 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 Tesla Inc 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 up at $33.5 million.

Image by Iván Jesus Rojas from Pixabay