After a near 50% haircut, MarsCoin, a meme coin, plunges 65% in 1 minute to a market capitalization of $7 million

BlockBeats News, August 16th, according to GMGN data, the BSC-based Meme coin MarsCoin (with contract address starting with 0x1706) experienced a short-lived plunge. The market cap surged tonight, exceeding $36 million to hit a new all-time high, after a single-day increase of over 400 times. The market cap almost halved in one hour to around $21 million, then plummeted by 65% at 22:07 and 1 minute, causing the market cap to drop to $7 million.

A unusual transaction occurred in CZ's wallet address this afternoon, where 4444 coins of the Meme coin MarsCoin were burnt. In addition, Binance Alpha had previously listed the token with the same name, MarsCoin (starting with contract address 0xfe18), with the current market cap at $52 million, up 6% today.

BlockBeats reminds users that Meme coins often lack practical use cases, experience significant price fluctuations, and investment should be approached with caution.