Elon Musk, founder of Tesla and SpaceX, has said his digital currency will be called MarsCoin if it is ever launched. Following the release of this comment, the price of an altcoin with the same name has experienced a sharp increase. According to CoinMarketCap, the token MARS has gone from $0.1 to $2.5 in just an hour.
As part of the Twitter discussion about Musk's proposal to buy some of the Dogecoin coins from the "whales," one of the users has suggested the Tesla CEO create his own cryptocurrency ElonCoin.
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Binance CEO Changpeng Zhao proposed another name: MarsCoin. Musk has gone for this option, after which users who wanted to make money found an altcoin with the same name and have started buying MARS.
CoinMarketCap has posted a warning on the project page that MarsCoin is not affiliated with Musk. At the time of writing, MARS is trading at $0.43, however, its price continues to show high volatility.