A new meme coin, $TERMINUS, saw an explosive rise in value after Elon Musk suggested that the first city on Mars could be named “Terminus.”
Following a tweet from the UX/UI & Graphic Designer at Dogecoin & MyDoge Inc. quoting Musk’s idea, $TERMINUS surged over 10,000% within 24 hours.
Lookonchain reported that one fortunate investor who bought $135 worth of $TERMINUS on September 8 has now seen their investment skyrocket to $124,300, representing a 920x return.
Currently trading at $0.05942, the coin has shown unprecedented growth in a short period, riding on the wave of Musk’s latest tweet about Mars.
The Elon Musk Effect on Crypto
With only one tweet, Elon Musk has a track record of influencing markets. His involvement with cryptocurrencies started in 2021 when he began tweeting about Dogecoin and Bitcoin, which led to huge price swings for both.
Known as a “crypto influencer,” Musk frequently increased Dogecoin values by 50% or more through his tweets. His influence extended to Bitcoin, which saw an all-time high of $65,000 in March 2021 on Tesla’s announcement that it would take the cryptocurrency as payment.
Musk can affect the market, but not always in a good way. He disclosed in July 2022 that Tesla had liquidated the majority of its Bitcoin assets, which caused the price of Bitcoin to plummet. His statements have had a lasting effect on the cryptocurrency markets.
The Rise of $TERMINUS Memecoin
The sharp increase in value of the $TERMINUS meme coin is just one more illustration of Musk’s influence in the cryptocurrency space.
Investors are drawn to the moniker “Terminus” because it represents Elon Musk’s goal of creating extraterrestrial life and the possibility of a Mars city. His impact is still growing in the speculative meme currency space, moving beyond traditional finance.