Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk on Tuesday agreed to set the prospects for the launch of “Marscoin”, another namesake cryptocurrency soared.
What happened: Musk said in response to a question posed by Binance CEO Changpeng Zhao on Twitter: “There will definitely be a MarsCoin!”
There will definitely be a MarsCoin!
– Elon Musk (@elonmusk) 16 February 2021
Musk launched the idea of ’Marscoin’ in December last year, probably in a joke, a cryptocurrency that would drive the economy of a colonized Mars.
The problem with the idea? A crypto-currency called Marscoin (MARCH) already exists, and it looks like investors have rushed to make purchases in the aftermath of Musk’s tweet.
Marscoin (MARS) traded 1800 percent higher at $ 1.35 on Tuesday. The crypto-currency traded around $ 0.09 until earlier in the day before Musk’s tweet, reaching an all-time high of $ 2.5 in the aftermath.
How Marscoin traded on Tuesday. A significant increase is noticed after Musk’s tweet. Thanks: CoinMarketCap
Why it matters: Musk often shifts the price of assets with its tweets, with Dogecoin (DOGE) being the main target.
In this case, the billionaire entrepreneur responded to queries that he started his own cryptocurrency, whether it is called ‘ElonCoin’ or ‘MarsCoin’.
Musk last month backed the privacy-driven messaging program Signal and an unrelated penny stock Signal Advance (OTC: SIGL) shot up.
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