Elon Musk effect: SpaceX’s Starlink-inspired token rises more than 100% in a few days

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Elon Musk effect: SpaceX's Starlink-inspired token rises more than 100% in a few days By Hannah perez

StarLink (STARL) saw a price spike after the launch of SpaceX’s Starlink satellites. The emergence seems to highlight the growing trend for Elon Musk-inspired meme tokens.

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It seems that billionaire Elon Musk is not only inspiring the growth of an economy inspired by doggy-themed meme tokens now that cryptocurrencies related to his company Spacex they are also emerging.

This week, a seemingly satellite-inspired token Starlink from Spacex, the Musk-led aerospace manufacturing company, posted an increase of more than 100%. The rise of the curious cryptocurrency coincided with the launch of 53 of the satellites Starlink to the lower orbit of the Earth.

As reported Cointelegraph, the price of Starlink (STARL), a little-known cryptocurrency whose name mimics that of the aerospace brand, has registered an impressive price rally close to 120% in recent days. According to data from CoinMarketCap, STARL rose from a price range of $ 0.000039 on November 12 to an all-time high of $ 0.000085 on Sunday the 14th.

Elon Musk effect: SpaceX's Starlink-inspired token rises more than 100% in a few days
source: CoinMarketcap

The price spike came shortly after the launch announcement of SpaceX’s space satellites of the same name. At the time of publishing, the price of the token has fallen slightly and is trading at $ 0.000069, although it remains on the rise with a gain of 5% in the last 24 hours.

StarLink (STARL), a token inspired by SpaceX

The data suggests that the cryptocurrency could have taken advantage of the recent launch event of Starlink, the satellite wing Spacex, to increase sales, causing a price increase in the market. However, the STARL project also appears to be tapping into other trending themes such as tokens non-fungibles (NFT) and the metaverse.

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In addition to the event of Spacex, the recent bullish rally of the token from Starlink It also appears to have coincided with the announcement of the launch of “Pixelnauts“, An NFT collection where community members can mine their own”STARL astronauts“. The start-up is scheduled for November 17, according to the team behind Starlink in a tweet.

Originated in May 2021, Starlink claims to be a cryptocurrency project of “100% decentralized virtual space”Which will allow the purchase of virtual land in a virtual outer space of the metaverse. “Starl tokens become the investment tool to buy virtual land on Starl Station, which will mimic a real-world space station located in a very real quadrant of the galaxy.“, It reads in the project website.

Based on the blockchain Ethereum, the token STARL can be exchanged on decentralized platforms Uniswap and Shibaswap, the native decentralized doggy coin exchange Shiba Inu (SHIB).

Although the project does not mention Elon Musk’s company, and in no sense is it an official cryptocurrency of Spacex, the inspiration with the brand is undeniable. All images and theme of Starlink They are related to space, satellites, spaceships, astronauts, etc., which suggests that the project takes advantage of the popularity of the aerospace company and the rise of memecoins in the market to attract investors.

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Elon Musk’s effect on memecoins

Elon Musk has become a major influence within the crypto space in the last year. Beyond your interest in Bitcoin, the repeated support that billionaire has expressed to Dogecoin (DOGE) on its Twitter, and the subsequent meteoric growth of that cryptocurrency, has generated a whole movement within the market characterized by the emergence of meme cryptocurrencies.

Many projects picked up the canine theme to try to imitate the commercial success of DOGE, which has risen more than 15,000% so far this year. Among them, arose Floki inu, a token inspired by the name of Musk’s puppy. Too Baby doge and Dogelon mars, which increased more than 4,000% last month. Although undoubtedly the one that has most attracted the attention of the community has been the token SHIB, which a few weeks ago was increasing at the rate of double digits a day.

The sudden spike in these coins inspired by Musk’s fondness for “memes and puppies“As he himself said, it highlights the effect that the entrepreneur has had on the digital asset market.

It should be noted, however, that there are many other similar crypto projects. And in the same line, Starlink It is not the only digital currency that seems to be taking advantage of the popularity of the brand Spacex. According to data from CoinMarketcap There are at least eight other tokens related to the aerospace company, some even combine this theme with that of dogs.

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For instance, Baby Starlink Doge (STARLIKDOGE) and Doge universe (SPACEXDOGE), a token which registered a price increase of 400% in a matter of 24 hours at the beginning of the month as the trend for Musk-inspired cryptocurrencies memes continues.


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Article by Hannah Estefanía Pérez / DailyBitcoin

Image from Unsplash

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