This Knockoff Coin Named After Elon Musk's Pet 'Marvin' Is Up Over 70% Today

Dogecoin DOGE/USD and Shiba Inu SHIB/USD fell along with other major cryptocurrencies as of Monday evening amid concerns about monetary policy tightening by the U.S. Federal Reserve despite slowing economic momentum.

However, some of the knockoff coins are seeing gains, with Marvin Inu MARVIN/USD up almost 73% during the past 24 hours to $0.000002707.

What Happened: Marvin Inu has gained more than 70% against Bitcoin and over 77% against Ethereum.

Marvin Inu, In Numbers:

• 24-Hour Performance: +72.9%
• 7-Day Performance: +43.9%
• 30-Day Performance: -12.1%
• YTD Performance: +11.0%

For comparison, Dogecoin is down 2.5% during the past 24 hours, trading at $0.1363 at press time. Shiba Inu, the self-described “Dogecoin killer,” has lost almost 7% over the 24-hour period to $0.00002049.

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: Marvin Inu describes itself as a meme coin that is a tribute to Tesla Inc. TSLA CEO Elon Musk’s Havanese dog Marvin and says it has actual utility – staking, P2E game, Launchpad and non fungible token (NFT) marketplace.

The coin announced on Twitter that its Binance Smart Chain (BSC)/Ethereum bridge is ahead of schedule and is currently in the testing phase.

$Marvin team delivering more good news. BSC/ETH bridge is ahead of schedule and we're currently in the testing phase. Join us in TG for updates on when it goes live. https://t.co/RwGGxtOPns #MarvinInu #Marvin #MarvinArmy pic.twitter.com/zxXx1hlBHM

— Marvin Inu (@Marvin_Inu) January 24, 2022

The project behind the token noted that the BSC Bridge will increase the coin’s reach far beyond the Ethereum network.

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