MARSCOIN Market Cap Halves From Peak, Drops 22% in 24 Hours
Summary
- The market capitalization of BNB Chain-based memecoin MARSCOIN has fallen to about half its peak.
- Over the past 24 hours, MARSCOIN's market capitalization dropped below $130 million and it posted a 22.34% decline.
- Selling pressure intensified from post-listing highs, and with no separate negative catalyst, the move appears to reflect profit-taking in a buy the rumor, sell the news pattern.
Forecast Trend Report by Period
BNB Chain-based memecoin MARSCOIN's market capitalization has fallen to about half its peak level.
BlockBeats reported on Sept. 8 that MARSCOIN's market capitalization fell below $130 million during trading. It has dropped 22.34% over the past 24 hours.
MARSCOIN surged after being listed on Binance's perpetual futures market on Sept. 1 and then added to the spot market on Sept. 4. It later reached an all-time high of $0.2634 on Sept. 5, with its market capitalization briefly topping $240 million.
Since then, selling at post-listing highs has intensified, triggering a swift pullback in the price. With no distinct negative catalyst identified, the move appears to reflect profit-taking after gains fueled by listing expectations, in a classic buy the rumor, sell the news pattern.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.