Key Takeaways
- A trader known as SmokΞy bought $2,368 worth of MarsCoin at launch and saw the position briefly reach $680,500.
- Arkham says the trader bought more than 6 million MARSCOIN when its market cap was around $390,000 and has not sold any.
- The roughly 287x return remains unrealized, with the position already swinging by more than $150,000 as MarsCoin’s price fluctuates.
A $2,368 bet on MarsCoin briefly turned into more than $680,000 in less than two months, without the trader selling a single token.
The trader, known online as SmokΞy, bought MarsCoin (MARSCOIN) in one transaction on its launch day in late July, according to on-chain analysis cited by Arkham Intelligence.
At the time, MarsCoin had a market capitalization of only about $390,000.
The wallet accumulated more than 6.07 million MARSCOIN. As the token’s market cap surged to roughly $114 million, the position reached approximately $680,500, representing around a 287x paper return on the original investment.
$680K Profit? Not Quite
There is one major catch: the trader hasn’t actually realized those gains.
Arkham’s wallet analysis indicates SmokΞy has never sold a single MARSCOIN, meaning the headline-grabbing return exists entirely on paper.
The risks of that strategy are already visible.
After reaching $680,500, the same position fell to roughly $524,000, wiping more than $150,000 from its value in less than 24 hours.
That volatility comes as MarsCoin attracts significantly more trading activity. CoinMarketCap data showed the token trading around $0.116 on Thursday, with a market capitalization near $116 million and more than $100 million in 24-hour trading volume.
MarsCoin has also accumulated more than 46,000 holders.
Binance Listing Fuels MarsCoin Attention
Much of the latest attention followed MarsCoin’s arrival on major centralized exchanges, including Binance, Gate, KuCoin and MEXC.
The token also promotes a rewards mechanism linked to tokenized exposure to SpaceX, adding another speculative narrative around the project.
MarsCoin should not be confused with Marscoin (MARS), a separate cryptocurrency launched in 2014 that operates its own proof-of-work blockchain.
For SmokΞy, the difference between a spectacular trade and a spectacular paper gain now comes down to one thing: selling.
At its $680,500 peak valuation, the position was worth nearly 287 times the trader’s initial outlay. Until those tokens are sold, however, none of that return is locked in.
Top Trending Crypto Articles
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
