Elon Musk Unintentionally Sends 'Marscoin' Cryptocurrency Soaring 1,800% With A Tweet
Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk on Tuesday agreeing to the prospects of launching “Marscoin” sent another namesake cryptocurrency skyrocketing.
What Happened: Musk in response to a question posed by Binance CEO Changpeng Zhao on Twitter said “There will definitely be a MarsCoin!”
There will definitely be a MarsCoin!
— Elon Musk (@elonmusk) February 16, 2021
Musk in December last year, likely in jest, floated the idea of “Marscoin — ” a cryptocurrency that would apparently power the economy of a colonized Mars.
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.
Marscoin (MARS) was trading 1,800% higher at $1.35 at press time on Tuesday. The cryptocurrency was trading around $0.09 until earlier in the day before Musk's tweet and hit an all-time high of $2.5 dollar in the aftermath.
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.”
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