Elon Musk launches Marscoin, but it already exists
Elon Musk launches Marscoin, but it already exists
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Elon Musk launches Marscoin, but it already exists

By Eleonora Spagnolo - 17 Feb 2021

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Elon Musk may soon launch his own cryptocurrency, Marscoin. This was confirmed by the founder and CEO of Tesla during a Twitter exchange with the CEO of the Binance exchange, Changpeng Zhao.

The tweet exchange stems from the discussion generated by Elon Musk himself when he invited Dogecoin whales to sell their DOGE a few days ago. One user commented thus:

“Develop a new #ElonCoin, offer them to the existing non-major #dogecoin holders to void their wallet. You wouldn’t need to pay $ to make those majors dogecoin holders richer than they already are and allocate your time and support to make the ElonCoin the currency of the Earth”.

A suggestion to put the whales in a corner, to which Elon Musk responded by saying:

“Only if necessary”. 

This is where CZ stepped in, arguing that not only is it necessary, but that it could be called Marscoin, and not ElonCoin. The reply:

“There will definitely be a MarsCoin!”

At this point, CZ asked that it be a utility token and not a security, so that exchanges could list it. The joke seems to be a clear reference to XRP’s legal troubles with the SEC.

Marscoin, Elon Musk’s currency already exists

A while back, Musk started talking about Marscoin, the currency for the Mars economy. It is no secret that the Tesla founder is planning to land and colonize the red planet. For its economy, he has thought of a cryptocurrency, which he has called Marscoin.

However, he will probably have to change the name of the currency because a Marscoin already exists, and, driven by Elon Musk’s tweets, it is gaining almost 1000% in recent days. 

At Rank 592 on CoinMarketCap (at the time of writing this article), it is currently trading at 89 cents, and since yesterday has multiplied its value by 10 times.

Despite the fact that CoinMarketCap has warned that this Marscoin (MARS) is not linked to Elon Musk, its price and volumes, which have been flat so far, have soared since yesterday. According to its official website, it was born in 2013, and just like Elon Musk’s project, its dream is to be the currency of space, but in the meantime, it aims to decentralize the terrestrial economy. 

At the moment, however, it is only listed on a handful of exchanges. Perhaps Elon Musk will officially sponsor it, just as he has done in recent years with Dogecoin.

 

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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