Why is MarsRise (MARSRISE) crypto skyrocketing over 250% today?

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Why is MarsRise (MARSRISE) crypto skyrocketing over 250% today?

MarsRise, MARSRISE crypto
Image source: © Alonesdj | Megapixl.com

Highlights

  • MarsRise is a community-driven cryptocurrency
  • To interact with the MarsRise community, the user needs to hold MARSRISE coins
  • MarsRise is working on developing MarsRise games and NFTs.

Crypto investors finally got some sigh of relief on Monday (23 May) as the market witnessed some pull back. In this year so far, there has been a huge drop in the crypto market capitalisation, maybe because of the liquidity tightening happening globally by central banks to tame high inflation. There has been significant selling pressure lately in the crypto market, but in the last 24 hours, the global crypto market capitalisation surged by approximately 2% to US$1.29 trillion, according to CoinMarketCap. Bitcoin, the biggest cryptocurrency, gained 2.17% while Ethereum gained 2.53% in the last 24 hours.

However, some of the smaller altcoins are buzzing today with massive intraday gains. MarsRise (MARSRISE) is one such crypto which recorded massive price and volumes gains today. At the time of drafting this article, MARSRISE was up 268.77% to trade at US$0.00000000295. In the last 24 hours, around US$5.4 million worth of MARSRISE coins were traded across crypto exchanges. This marks an over 40,000% jump in its volume over the previous day. Its fully diluted market cap increased by 269% to US$2.9 million. Despite today’s gain, the currency is way behind its all-time high of US$0.00000002147, recorded on 8 November 2021.

The surge in the MARSRISE prices could be because of the buyback and burn of this token carried out by the blockchain. According to the latest tweet by MarsRise, it had already burned over US$2.1 million worth of tokens today. It also said that more tokens will be burned going forward. This buyback and burn is happening after the launch of MARSRISECASH or MRCASH.

MARSRISECASH is the fork from MarsRise. According to the company, the new token will help pump MarsRise as 3% rewards are given in MARSRISE token.

The company is expected to list MRCASH as the same exchange as MarsRise. Through the social media platform Twitter, MarsRise announced the launch of MRCASH. In addition to this, the company tweeted that it is currently working on the MarsRise game and NFTs.

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Now, let’s try to understand what MarsRise is.

Image source: © Sergydv | Megapixl.com

MarsRise was launched on Binance Smart Chain with incentive holder tokens and automatic liquidity pool growth. It is an equitably launched and community-driven coin. It is a decentralised finance token generated by individuals. The cryptocurrency's official website highlighted that 5% is distributed amongst the currency holders on every transaction.

As per the MarsRise whitepaper, the platform ensures data privacy and keeps the user information intact, only accessible to MARS.

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MARSRISE coins power the ecosystem of Marsrise. The users are required to hold the tokens in order to interact with the ecosystem. The MarsRise wallet ensures the security of the holdings. The user can swap their tokens in the wallet without removing them from the Marswallet.

In the whitepaper, the company also claims that its structure prevents dumping and volatility.

Total supply of MarsRise coins is one quadrillion. Initially, 50% were burned on deployment, and the rest 50%, were burned on pancake liquidity & list on exchanges.

Why Is MarsRise (MARSRISE) Crypto Skyrocketing Over 250%

Where can you trade MarsRise?

The popular exchanges where you can trade MarsRise coins are Hotbit, CoinTiger, Xt.com, Cointiger, Indoex global exchange and PancakeSwap (V2).

Do read: Why is China moving against the tide in terms of interest rate changes?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

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