Even though the cryptocurrency market is undergoing an intermittent recovery, a micro token is rising sharply on Sunday.
According to data provided by CoinMarketCap, the trading price of Elon's Marvin (cryptocurrency: MARVIN) has increased by more than 4,000% and has been the largest increase in cryptocurrencies in the past 24 hours.
Elon's Marvin is a relatively new token supported by Binance Smart Chain and Ethereum. It was founded on October 11 and was inspired by Elon Musk's Havana pet dog Marvin.
The project is clearly trying to capitalize on the frenzy associated with Musk. Its goal may be to compete with Floki Inu (CRYPTO: FLOKI), which is named after Musk's other pet dog, Floki.
Approximately 2% of each Marvin sale of Elon will be put into the wallet, which will distribute Marvin rewards to holders, and 4% of each transaction will be added to the liquidity. The project stated on its website that this may help keep the reserve price of the token at a relatively high level and limit mass selling.
The maximum supply is 19,696,657 MARVIN coins, and the cryptocurrency reached a record high of $0.65 on November 1.
At the last inspection, Elon's Marin rose 4,240.85% to 0.2256 USD. Since the start of trading, cryptocurrencies have risen 240%.
Related link: The situation in the crypto market this weekend
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