Cryptocurrency Prices Skyrocket After Successful Launch
Cryptocurrency tokens imitating SpaceX, which are not officially connected to the company, saw an astounding rise of 5824% following the successful test flight of SpaceX's Starship rocket on October 14. Although these tokens have no direct ties to Elon Musk's company, the successful launch was enough to drive up their prices on various cryptocurrency platforms.
Data Shows Massive Growth for SPACEX Tokens
According to CoinMarketCap, the SPACEX token, traded on #PancakeSwap , has seen a 5824% increase in the past 24 hours. Its market capitalization now stands at $80,800, with the token's price reaching $0.012192.
Other Imitation Tokens Saw Smaller Gains
Another token with the same name, SpaceX, traded on the Solana (SOL) blockchain, rose by 216% in the past 24 hours. Despite later dropping by 84.56%, its market capitalization remains at $16,400.
The StarShip NFT gaming token, which shares its name with SpaceX's new rocket, saw a modest 0.9% rise in price after the launch. Its current price is $0.0215, with a market capitalization of $404,251. Additionally, another token dedicated to the spaceship was created on the Ethereum blockchain, but its price movements have yet to be tracked.
Successful Starship Test Flight
According to the Associated Press, on October 13, the 400-foot Starship rocket launched at sunrise near the Mexican border. The rocket flew over the Gulf of Mexico and successfully landed with the help of metal arms on the launch tower, known as "chopsticks."
SpaceX CEO Elon Musk stated that the rocket is designed so the booster can return within five minutes, allowing the rocket to launch again within an hour of its initial takeoff.
Elon Musk's Influence on the Crypto Sphere
#ElonsMusk is well-known for his influence in the cryptocurrency world, even though he has not created any official tokens himself. He has been a strong advocate for Dogecoin and even supported a space mission funded by the cryptocurrency.
Musk’s brief posts on X (formerly Twitter) have often inspired double-digit gains for cryptocurrencies like #bitcoin☀️ , #Dogecoin , and SHIBA INU ( #shiba⚡ ). In April, several deepfake videos of Musk tricked viewers into participating in fake SpaceX giveaways on YouTube, disguised as live streams centered around a solar eclipse at the time.
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