Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk on Tuesday agreeing on the prospect of launching “Marscoin” caused another eponymous cryptocurrency to skyrocket.
What happened: Musk in response to a question asked by Binance CEO Changpeng Zhao on Twitter said, “There will definitely be a MarsCoin!”
There will definitely be a MarsCoin!
– Elon Musk (@elonmusk) February 16, 2021
Musk in December last year, probably jokingly, suggested the idea of ”Marscoin” – a cryptocurrency that would apparently boost the economy of a colonized Mars.
The problem with the idea? A cryptocurrency called Marscoin (MARS) already exists, and it looks like investors rushed to make purchases after Musk’s tweet.
Marscoin (MARS) was trading 1,800% higher at $ 1.35 at the close of Tuesday. The cryptocurrency was trading around $ 0.09 until the start of the day before Musk’s tweet and hit a $ 2.5 dollar high in the aftermath.
How Marscoin traded on Tuesday. A significant increase is seen after Musk’s tweet. Courtesy: CoinMarketCap
Why it matters: Musk often moves asset prices with his tweets, with Dogecoin (DOGE) being his main target for tweets lately.
In that case, the billionaire businessman was answering questions about him by launching his own cryptocurrency, whether it be called “ElonCoin” or “MarsCoin”.
Musk last month, the publicly supported messaging app focused on privacy, Signal and an unrelated currency stock Signal Advance (OTC: SIGL) fired instead.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.