News
ByAuthor J.D. SmithPosted on
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Bitcoin Advocate Elon Musk Says There Will ‘Definitely’ Be a MarsCoin

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Bitcoin advocate and Tesla CEO Elon Musk says an extraterrestrial crypto asset is coming.

In a series of tweets, the multi-billionaire entertains the proposal of Twitter user Mansour Shahrokh, who suggests Musk create a new crypto asset to solve the issue of Dogecoin (DOGE) supply concentration among its largest holders. 

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Says Shahrokh,

“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.”

Musk says he will go to such lengths “only if necessary,” to which Binance CEO Changpeng Zhao replies and suggests a name for the coin.

“It is necessary. Maybe call it MarsCoin?”

The tech magnate approves Changpeng Zhao’s suggestion and says “There will definitely be a MarsCoin.”

In December 2020, Musk brought up the idea of a MarsCoin when he replied to a discussion started by artificial intelligence researcher Lex Fridman about a crypto-based Martian economy.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Thorchain’s native token RUNE gained 30% in the last 24 hours after crypto venture firm Multicoin Capital revealed that it has accumulated a large position in the asset.

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An unknown number of customers of the Philippine Digital Assets Exchange, or PDAX, managed to buy thousands of BTC from the exchange at a massive discount, making them local currency billionaires on paper — at least for a few hours.

A number of PDAX customers withdrew their purchased Bitcoin, up to the exchange’s limit on individual accounts of one BTC per 24 hours. PDAX is reportedly demanding these users refund BTC obtained during the crash under the threat of potential legal action.

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Whales offloaded 140K Bitcoin this month: Glassnode

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According to a new report from crypto market data aggregator, Glassnode, Bitcoin whales offloaded massive amounts of BTC during February.

Glassnode defines any address that holds between 1,000 BTC and 10,000 BTC as a “whale”, while “humpback whales” hold more than 10,000 BTC. The report found that the number of whales increased by more than 14% in the year to Feb. 5, 2021.

Whales and humpbacks’ buying spree peaked in January as they snapped up 80,000 BTC, worth $3.84 billion at today’s prices.

But since February, whales and humpbacks appear to have taken heavy profits, offloading 140,000 BTC — equal to $6.72 billion since the start of the month.

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The exorbitant transaction was tweeted by co-founder and CTO of Groundhog Network, Andrew Redden, who confirmed it was Uniswap related.

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Fox Business has blamed this week’s stock drop on the company’s association with Bitcoin, citing analyst Dan Ives of Wedbush, who also noted he believes the move was a strategic one for the long-term.

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