The CEO of Tesla and SpaceX, Elon Musk takes to Twitter once again by hinting at developing a cryptocurrency called Marscoin. Although, it turns out there is already a Marscoin cryptocurrency developed back in 2014. Elon Musk’s single tweet on the potential Marscoin resulted in the price to shoot up over 1000%.
Elon Musk Unintentionally Pumps Marscoin to ATH
Back in December, Musk tweeted on the idea of Marscoin, a cryptocurrency that would apparently power the economy of a colonized Mars. The crypto community even suggested that Elon Musk should develop a cryptocurrency for SpaceX Mars missions scheduled to begin in 2024.
Recently, Musk was responding to queries of him launching his own cryptocurrency, whether it be called ElonCoin or MarsCoin.
Changpeng Zhao, the head of the crypto exchange Binance, jumped into the discussion that if Musk were to launch a cryptocurrency, it should be called MarsCoin. Responding to Musk replied, “There will definitely be a Marscoin.”
There will definitely be a MarsCoin!
— Elon Musk (@elonmusk) February 16, 2021
However, it turns out Marscoin already exists while investors rushed to make purchases in the aftermath of Musk’s tweet. The $MARS cryptocurrency project was long developed back in 2014.
After trading beneath $0.20 for years, the price of the cryptocurrency skyrocketed to an all-time high of $2.5 earlier today. Marscoin was trading around $0.09 before Musk’s tweet and hit an all-time high of $2.5 dollar in the aftermath.
Marscoin Derived from the Litecoin fork of Bitcoin
The team behind Marscoin shares a common goal with Musk. i.e. to fund the first human settlement on Mars. The project proposes that people should mine Marscoin here on Earth, first, and then when the tech is developed, a copy of the blockchain could be transferred to Mars.
#Marscoin has definitely some of the most dedicated long term HODLers – they saw the future of crypto and believed in the need for human settlements off planet long before it was popular to dream about it, let alone discuss publicly. Many of them are true #Visionaries #OccupyMars
— Marscoin (@marscoinorg) February 17, 2021
The cryptocurrency has been derived from the Litecoin fork of Bitcoin and is dedicated to supporting the settlement of Mars and other space-related projects. Even though the project shares a similar vision to Elon Musk, he isn’t actually affiliated with the project.
If the sudden skyrocketing of Marscoin feels familiar, it’s because Musk’s single endorsement on Dogecoin and Bitcoin results in the price of both the cryptocurrencies skyrocketing to an all-time high.