Tesla and SpaceX founder Elon Musk agreed to name his own digital currency MarsCoin if such a currency were issued, which triggered a sharp rise in the price of the similarly named altcoin. According to CoinMarketCap, the MARS token jumped from $0.10 to $2.50 within an hour.
There will definitely be a MarsCoin!
— Elon Musk (@elonmusk) February 16, 2021
In the course of a Twitter discussion about Musk’s aim to buy a stake in Dogecoin from major holders, one user proposed to the Tesla chief the creation of a new cryptocurrency, ElonCoin.
CEO of the Binance exchange Changpeng Zhao proposed another name — MarsCoin. Musk approved the second option, after which profit-seeking users found the similarly named project and began buying MARS.
CoinMarketCap placed on the project page a note that Marscoin is not affiliated with Elon Musk. At the time of writing the coin was trading at around $0.37, but continued to show high volatility.
Data: CoinMarketCap.
Earlier in February, Dogecoin rose by almost 50% in under an hour after a series of Elon Musk tweets. Later he said he bought coins for his younger son.
On February 8, Tesla said it invested $1.5 billion in Bitcoin, after which the asset’s price began to rise sharply and in less than a day surpassed $48,000.
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