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Highlights
- MARVIN, a relatively new crypto, experienced exponential growth of more than 4,000% Sunday.
- The dog-based meme currency has been inspired by Tesla’s CEO, Elon Musk’s pet, bearing a similar name.
- It seems that MARVIN is aiming to take on other canine-based meme cryptos like Floki Inu, Shiba Inu and Dogecoin.
Inspired by Elon Musk’s Havanese dog breed, MARVIN cryptocurrency witnessed astronomical growth this Sunday, jumping by more than 4,000%.
Source: © Blackboard373 | Megapixl.com
A look at MARVIN token
Launched on 11 October this year, MARVIN, an in-house coin, is influenced by mascots of the SpaceX and Tesla boss.
Well-known for his love for dogs, Musk has another pup, Floki, and the meme coin called Shiba Floki is named after him.
It seems that MARVIN’s founders felt that it’s time for Floki to move over and make way for Musk's other pet, Marvin, to hog the limelight.
On a serious note, MARVIN crypto is powered by the Binance smart chain and Ethereum. Every time the crypto is traded, around 2% of its sale will be directed into its wallet, which then will be distributed as rewards to crypto holders.
Further, 4% of each transaction will be added to MARVIN’s liquidity pool, which limits big selling of the crypto and helps keep the coin’s floor price relatively high.
It is noted that there is a cap on the supply of MARVIN coins, with the maximum supply being 19,696,657.
Moreover, the team behind the MARVIN coin is working on creating Marvin-based NFTs, which collectors and admirers can buy to flaunt their fondness for the Havanese breed, particularly Marvin.
Why is there the hype around this meme token?
Recently, MARVIN cryptocurrency witnessed massive price gains and was among the top crypto gainers Sunday.
On 12 November, the crypto's price skyrocketed by more than 4,000% and touched US$0.2256. It is noted that its prices touched an all-time high of US$0.65 on 1 November.
Though there is not much uniqueness behind this crypto project, it seems the recent price surge is because of it being another canine-based cryptocurrency, which is associated with one of Musk’s pets.
Hence, it appears that this project is trying to cash in on the mania associated with Musk’s love for his mascots and related cryptocurrencies.
Bottom Line
MARVIN is a relatively new crypto, experiencing a price surge, which may be momentary. Crypto investors must practice diligence and be prudent while investing in the ever-fluctuating cryptocurrency market.
