Elon Musk Unintentionally Sends 'Marscoin' Cryptocurrency Soaring 1,800% With A Tweet

Tesla Inc. TSLA CEO Elon Musk on Tuesday agreeing to the prospects of launching “Marscoin” sent another namesake cryptocurrency skyrocketing.

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What Happened: Musk in response to a question posed 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, likely in jest, floated the idea of “Marscoin — ” a cryptocurrency that would apparently power 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 in the aftermath of Musk’s tweet.

Marscoin (MARS) was trading 1,800% higher at $1.35 at press time on Tuesday. The cryptocurrency was trading around $0.09 until earlier in the day before Musk's tweet and hit an all-time high of $2.5 dollar in the aftermath.

How Marscoin traded on Tuesday. A significant spike is noted after Musk’s tweet. Courtesy: CoinMarketCap

Why It Matters: Musk often moves prices of assets with his tweets, with Dogecoin (DOGE) being his prime tweeting-target of late.

In this case, the billionaire entrepreneur was responding to queries of him launching his own cryptocurrency, whether it be called “ElonCoin” or “MarsCoin.”

Musk last month publicly backed privacy-focused messaging app Signal and an unrelated penny stock Signal Advance SIGL went skyrocketing instead.