Marscoin is a cryptocurrency recently demonstrating how powerful Elon Musk is in the world of cryptocurrencies. According to the report posted online by Bitcoin, cryptocurrency, blockchain technology, and altcoin news website, The Coin Republic, the existing digital asset’s trading price surged suddenly lately after staying in the low for many years.
We believe that this report is of particular significance considering that Mr. Musk is a future-oriented industrialist tremendously supportive of digital assets like Bitcoin. We know that his social media posts on his official Twitter account can greatly make or break cryptocurrencies and greatly impact investors’ and traders’ journeys.
Last week, Tesla’s chief executive officer conversed on Twitter with Changpeng Zhao, the Binance chief whose Twitter handle is @CZ_Binance. Musk mentioned a crypto coin called “Marscoin” in his tweet. Coincidentally, a cryptocurrency called Marscoin already exists, and Musk and Zhao’s Twitter conversation later found the asset surging higher by over 1,800 percent.
Cryptocurrency analysts interpreted this rise in Marscoin’s trading price as a demonstration of the Tesla CEO’s power on the cryptocurrency realm. Last Tuesday, February 16, Marscoin or $MARS was trading at the price level worth $1.35. Its surge to more than 1,800 percent is, indeed, surprising amid Musk’s Twitter message. Before Marscoin reached this new trading price level, the cryptocurrency was trading at merely $0.09. Then, it lately hit a new, all-time high of $2.49.
At the time of writing, Marscoin’s trading price is $0.2258, as per Coinmarketcap.com. Apparently, Musk was unaware of the cryptocurrency’s existence as he had affirmed that there would be Marscoin. $MARS is a digital asset project developed in 2014. It is a virtual currency aiming at the likelihood of human life on the Red Planet. Since then and before Musk’s notable mention of it, Marscoin traded below $0.20 for nearly a decade, and this month, Marscoin’s price has officially soared.
The digital asset’s official website views SpaceX as one of the leaders in its field. Marscoin has obtained itself from Litecoin and refers to itself as the most viable blockchain platform for inventory tracking on Mars. The project is also inviting people to join it if they are believers in the human settlement on the Red Planet.
We also believe Mr. Musk was unaware of Marscoin’s existence. Hence, he unwittingly floated an idea for it sometime in December 2020. We gathered that he expected Marscoin to power a colonized Mars’s economy.
We support Mr. Musk’s eagerness to send humans to the Red Planet. He is truly committed to building aerospace technology that will facilitate travel to Mars, which are among his profound interests. Mr. Musk is a social media and cryptocurrency influencer. He has propelled meme-based virtual coin DOGE’s price, too. It recently rose by over 900 percent following his tweet about it.
As a Bitcoin supporter, we also applaud his company’s acquisition of the world-famous cryptocurrency recently, which amounted to over $1.5 billion. Futuristic Mr. Musk’s support for cryptocurrencies such as Marscoin indicates that these virtual assets have an important place in the future of the financial markets.
We highly recommend not to ignore the highly influential Tesla CEO’s tweets. Instead, we should monitor how they shape Bitcoin and other virtual coins’ ascendancy to mainstream markets and possible worldwide acceptance.