Elon Musk stirred the market with another post on February 16. Following the Tesla CEO’s MarsCoin post, it turned out to be a MarsCoin indeed, and the coin has experienced an unprecedented boom.
Changpeng Zhao, CEO of the crypto exchange Binance, posted this post by Musk, “This is necessary. Maybe you name it MarsCoin?” saying he replied in a humorous way.
Musk’s next post triggered an unprecedented event in the crypto community.
“It will definitely be a MarsCoin!”
After this post, it turned out to be a MarsCoin indeed. MarsCoin (MARS), created by the Mars Community, an organization that was founded in 1998 to explore and settle on the planet, rose by more than 1,000 percent in just a few hours, from $ 0.08 to $ 2.50.
MARS, which started to fluctuate immediately afterwards, decreased to 0.45 dollars as of the time of the news broadcast.
CoinMarketCap dropped the note “Please note that this project is not related to Elon Musk” on MarsCoin’s page.
MarsCoin price chart. Source: CoinMarketCap
MarsCoin, created by the Mars Community, is defined on the project’s official website as follows:
“Created from Bitcoin’s Litecoin fork, MarsCoin aims to support other space-related projects that aim to settle on Mars and transport people from Earth.”
Elon Musk is known for having a huge influence in the crypto community. Tesla CEO’s adding the word “Bitcoin” to his Twitter bio was enough for cryptocurrency to jump 20 percent.
Musk also frequently affects the price of cryptocurrencies with his posts about Dogecoin.