Cryptocurrency News, Cryptocurrency Price Analysis

Elon Musk Tweet Makes Marscoin Surge

The crypto market has come to recognize the CEO of the car-making company, Tesla, Elon Musk, as an influential figure in talking about different digital assets. Before now, the Tesla CEO has always shown his unwavering support for the meme coin, Dogecoin. Even though his support is unshaken when it comes to Dogecoin, his company recently made a huge investment in leading digital asset, Bitcoin, which was one factor that pushed the asset’s price over the moon. Even though his support for Bitcoin and Dogecoin is already a known and fact, Elon Musk recently made a statement about a new coin which has caused the coin to jump rapidly in the market.

Elon Musk wants to pay Dogecoin investors to sell their holdings

When Musk is not working on rolling out mind-blowing automobiles, the Tesla CEO has his mind exploring the space. Presently, he collaborates with the United States government with both entities interested in exploring the space and what they stand to achieve from it. The company has also been launching several orbits into the space in the last few years, with the recent one coming last year.

In the latest statement by the Tesla CEO, he talked about a new coin in the market, Marscoin, which saw the digital asset records major profits. Some days ago, Musk took to the microblogging platform Twitter to show his displeasure at the way major investors held Dogecoin while citing that centralization is not good and should sell a portion of it.

He mentioned that if they do not sell some of their Doge holding in some day’s time, they will withdraw his support for the digital asset. While Elon Musk also said he would pay the investors if they agree to sell some of their holdings, someone asked him to create his unique coin and give it out to the investors instead of paying them cash.

Marscoin sees a 700% rise in its market cap

While deliberation was ongoing on this, the CEO of crypto exchange, Binance, Changpeng Zhao, advised Elon Musk to create his coin, known as Marscoin. Replying to the words of CZ, Musk admitted that he was going to develop a coin with that name. With Musk admitting this, traders and investors started to flock into the Marscoin network to scoop up the coin.

The Marscoin was developed on the back of people that wishes to travel to Mars. According to data obtained from various websites, Marscoin has moved from its previous selling price of $0.81 to $1.34 in the early hours of today. Even though the surge has since settled, one cannot remove Elon Musk’s influence on the market.

Marscoin has also seen its market cap go to the moon as the digital asset has recorded a $21.8 million market cap which signifies a 700% profit compared to its previous market cap. Its trading volume has also skyrocketed as the asset has added around 8,000 more transactions since yesterday to move its volume to a region of around $60,000.

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