MarsCoin, a meme token on BNB Smart Chain tracked by GMGN, surged more than 400-fold on Aug. 16, pushing its market capitalization above $32 million and setting a record high, according to BlockBeats. The token referenced in the report is identified by a contract address starting with 0x1706.
BlockBeats also said a wallet address linked to CZ showed unusual activity later that day, with 4,444 MarsCoin tokens sent to a burn address. The report did not provide further details on the transaction beyond the burn amount.
Separately, Binance Alpha had previously listed another token with the same name, MarsCoin, but under a different contract beginning with 0xfe18. That token was reported at a $52 million market cap and a 6% gain on the day.
BlockBeats added a risk warning, noting that many meme coins have no practical use case and can see sharp price swings.
BlockBeats reported on Aug. 16, citing GMGN market data, that MarsCoin, a meme token on BNB Smart Chain with a contract address beginning with 0x1706, climbed more than 400x in a single day. Its market capitalization rose past $32 million, setting a record high.
Later that afternoon, a wallet address associated with CZ showed unusual activity and burned 4,444 MarsCoin tokens.
BlockBeats also noted that Binance Alpha had previously listed another token with the same name, MarsCoin, with a different contract address starting with 0xfe18. That token’s market capitalization was reported at $52 million, and it was up 6% on the day.
BlockBeats warned that many meme coins lack real-world utility and can be highly volatile, urging investors to stay cautious.
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