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

August 16th, according to GMGN data, the BSC-based Meme coin MarsCoin (contract address starting with 0x1706) experienced a short-term plunge. The market value surged tonight, exceeding $36 million to reach an all-time high, after a single-day surge of over 400x. The market value almost halved in a one-hour period to around $21 million, then plummeted by 65% at 10:07:01 PM, with the market value dropping to $7 million.

A abnormality was detected in CZ's wallet address this afternoon, where 4444 coins of the Meme coin MarsCoin were burned. In addition, Binance Alpha had previously listed a token with the same name MarsCoin (contract address starting with 0xfe18), with the current market value of $52 million, up 6% today.

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