Marscoin Surges 1000% After Elon Musk Shoutout: Analysis

Marscoin surges by 1000% after Elon Musk tweeted about It, giving it a boost up so let’s read more about today’s latest altcoin news.

Musk tweeted about a potential Marscoin but it turns out there’s already a MarsCoin and now its price is up by 1000%. Musk who is a popular internet troll could have mastered the art of crypto pumps as he tweeted about the MarsCoin earlier today, and the price of the coin shot up by 1000%. The tweet was a part of the thread about Dogecoin which was developed back in 2013 as a joke currency but then became a legitimate asset mainly thanks to Musk’s advocacy. Binance’s CEO Changpeng Zhao jumped in to suggest if Musk was to launch his own cryptocurrency, it’s ought to be called MarsCoin.

Dogecoin most likely. Right @elonmusk?

— David F *HODL* (@Real_Futurist) December 24, 2020

However, there’s already a Marscoin- $MARS which is a project that was developed in early 2014, and after trading below $0.20 for years, its price is now surging and it reached an all-time high of $2.50 earlier today. It did settle back to $1.02 as of press time but the team behind it shares a common goal with Elon Musk which is to find the first human settlement on the planet. The explainer shows that people will have to mine the coin here on earth first and later when the tech is developed, a copy of the blockchain could be transferred to Mars.

Only if necessary

— Elon Musk (@elonmusk) February 15, 2021

There’s even a picture of Musk on the site while the FAQ page reveals he is not actually connected with the project. Musk tweeted something similar about the coin back in December but it didn’t appear to affect the price which was remaining steady at $0.17. That was then but now it’s the time of Muskmania because both BTC and DOGE hit a high once he posted on Twitter about them. If today’s coin feels familiar, that’s because he does this all the time, boosting the prices of the coins that are linked to his tweets.

Previously, Musk Tesla’s CEO Elon Musk urges the large DOGE holders to sell a huge chunk of their DOGE stash to ease up the distribution of the altcoin according to a tweet this morning. Whether this is a joke or not, Dogecoin’s wealth concentration issue is real and the reports suggest a single entity holds more than 27% of the entire altcoin market cap valued at over $7 billion at press time.