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What's going on with the Marscoin project in 2023?

marscoin logo on green image of the mars rover
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The idea of taking humans to live on Mars is no longer just an idea; it is being actively pursued by a number of private stakeholders. The developers of Marscoin seized on the hype to create it as a potential cryptocurrency to be used by the first colonizers on Mars.

The MARS token was also to serve as a source of funding for research and non-profit projects within the ecosystem to provide the financing for the vast infrastructure required to make it even remotely possible to live on the red planet.

The project's whitepaper envisions that some people among the first colonizers could volunteer to set up the nodes required to power the use of the blockchain and the MARS token on Mars. These nodes are also to enable Martian-based mining of Mars. Prevention of any Earth-side interference with the token's use on Mars is part of the project's security proposals.

Considering the massive challenges that must be overcome for the lofty aims of the project to be achieved, is there any future for the MARS token?

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Marscoin’s journey so far

Marscoin was designed to have a finite supply of 40 million tokens. As of the last update in May 2021, nearly 36 million MARS tokens have been mined, leaving fewer than 10% of the total supply available for mining.

The Marscoin token price is $0.07834 as of writing. The present 24-hour trading volume of MARS/USD is $36,298. The MARS/USD price dropped 9.39% in the 24 hours prior to writing. This is part of a larger price dip that commenced after hitting a high of $0.1549 on 3 March, 2023. Before hitting this high, the MARS/USD price action was as low as $0.052 on 10 February. Following the 3 March high, the price dipped once more to the $0.0735 price level on 12 March, and resumed the upward move soon after, hitting $0.12 on 23 March.

However, it has been all downhill from there, which is not surprising if price action is viewed from the standpoint of technical analysis.

marscoin coinmarketcap screenshot MARS/USD price chart, Feb - Apr 2023

State of Marscoin in 2023

The price action on the MARS/USD pair reveals two progressively lower tops on 3 and 23 March. These indicate that any further upside moves in the medium term have stalled. The neckline formed by the 12 March low is now in danger. A breakdown here will bring utter grief to MARS token holders, as price action could head to the 10 February low at the very least.

The combination of low trading volumes, the evolving double top, and the lack of a clear direction for this project are ominous signs for Marscoin.

The Marscoin team wants the MARS token to be adopted as crypto for a future Mars occupation by humans. If this project had received official endorsement by Elon Musk or at a blockchain conference, there would be some hope for MARS token holders. But there is nothing in this regard.

There are also some basic challenges to MARS ever being used on Mars.

  • There is no functional internet on Mars.

  • There is no definable value for anyone to want to use MARS.

People don't just exchange cryptos because they want to. Those who buy and hold BTC are doing it because they can derive value from it in the exchange process or from outside the blockchain ecosystem.

Aside from the need to get food and water on Mars (which is not a given as Mars is biologically dead), it is hard to see what people living on Mars would exchange their Marscoin tokens for. Clearly, the US dollar would not even be in the running as a potential currency up there!

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eno d eteng

Author: Eno Eteng

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about cryptos, FX and CFDs. Since 2009, he has been a consultant for several companies in the financial market space. His work can be seen on several forex and crypto-related blogs and trading educational websites.

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