MarsCoin, a meme token on BNB Smart Chain (BSC) with a contract starting with 0x1706, saw a sharp collapse after a dramatic run-up on Aug. 16. According to GMGN market data cited by BlockBeats, the token’s market capitalization climbed past $36 million earlier in the session, setting a record high after rising more than 400x in a single day. The move then reversed quickly. Within one hour, MarsCoin’s market cap nearly halved to $21 million. At 22:07, it dropped another 65% in just one minute, falling to $7 million. BlockBeats also reported unusual activity involving a CZ wallet address earlier in the afternoon, which at one point burned 4,444 MarsCoin tokens. Separately, Binance Alpha had previously listed another token with the same name, MarsCoin, but with a contract starting with 0xfe18. That token was valued at $52 million at the time of reporting and was up 6% on the day. BlockBeats cautioned that many meme coins lack real use cases and can experience extreme price volatility.
MarsCoin, a meme token on BNB Smart Chain with a contract starting with 0x1706, tumbled sharply on Aug. 16 after a steep intraday surge.
According to GMGN market data cited by BlockBeats, the token’s market capitalization had climbed above $36 million earlier in the session, setting an all-time high after rising more than 400x in a single day. The rally then reversed fast.
Its market cap nearly halved to $21 million within an hour. At 22:07, the token fell another 65% in a single minute, dragging its market value down to $7 million.
BlockBeats also said a CZ wallet address showed unusual activity earlier in the afternoon and at one point burned 4,444 MarsCoin tokens.
Separately, Binance Alpha had previously listed another token with the same name, MarsCoin, with a contract starting with 0xfe18. That token’s market cap stood at $52 million at the time of reporting, and it was up 6% on the day.
BlockBeats warned that many meme coins do not have practical use cases and can post large price swings, urging caution from investors.
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