Tesla Inc. TSLA CEO Elon Musk on Tuesday agreeing to the prospects of launching “Marscoin” sent another namesake cryptocurrency skyrocketing.
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What Happened: Musk in response to a question posed by Binance CEO Changpeng Zhao on Twitter said “There will definitely be a MarsCoin!”
The problem with the idea? A cryptocurrency called Marscoin (MARS) already exists, and it looks like investors rushed to make purchases in the aftermath of Musk’s tweet.
How Marscoin traded on Tuesday. A significant spike is noted after Musk’s tweet. Courtesy: CoinMarketCap
Why It Matters: Musk often moves prices of assets with his tweets, with Dogecoin (DOGE) being his prime tweeting-target of late.
In this case, the billionaire entrepreneur was responding to queries of him launching his own cryptocurrency, whether it be called “ElonCoin” or “MarsCoin.”
Musk last month publicly backed privacy-focused messaging app Signal and an unrelated penny stock Signal Advance SIGL went skyrocketing instead.
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