On 14 October, copycat cryptocurrencies named after SpaceX surged after the profitable check launch of Elon Musk’s Starship. The cash that aren’t affiliated with Musk’s aerospace agency, SpaceX, garnered large value spikes throughout the platform from the eye gained throughout the launch.
The large winner maybe was SPACEX, a token based mostly on PancakeSwap that went up by a whopping 5,824% in 24 hours with its value rising to $0.012192 and resulting in its market cap to hit $80,800.
One other token named after SpaceX, one that’s based mostly on the Solana (SOL) blockchain, additionally elevated in worth, going up 216% at its peak on the writing of writing, all whereas sustaining a market cap of $16,400.
Simply inspected the Starship booster, which the arms have now positioned again in its launch mount. Appears to be like nice!
A couple of outer engine nozzles are warped from heating & another minor points, however these are simply addressed.
Starship is designed to attain reflight of its rocket… pic.twitter.com/oWZoOOfHmk
— Elon Musk (@elonmusk) October 14, 2024
Comparable Tokens Comply with Starship’s Flight Path
On the flip aspect, an NFT gaming token by the title of StarShip after SpaceX’s newly launched rocket, soared 0.9% earlier than leveling at $0.0215 with a market cap of $404,251. One other Ethereum (ETH) blockchain-based token themed after the Starship rocket was made however not tracked on main platforms concerning its value strikes.
Apart from injecting life again into cryptocurrencies, the precise Starship launch by SpaceX has been a technological mile-marker. The 400-foot-tall rocket launched close to the Mexican border and curved over the Gulf of Mexico.
This flight has confirmed to be higher than earlier ones for the reason that rocket was caught upon return by the “chopsticks” arms of the launch tower, moderately than ending in an inferno like its predecessors.
The Advantages And Risks Of Musk’s Crypto Affect
Regardless of not being immediately related to these tokens, Elon Musk has a definitive grip on the world of cryptocurrency. Already a Dogecoin champion, Musk’s quick social media messages on X (previously Twitter) have pushed fast will increase for Bitcoin, Dogecoin, and SHIBA INU previously.
Mechazilla has caught the Tremendous Heavy booster! pic.twitter.com/6R5YatSVJX
— SpaceX (@SpaceX) October 13, 2024
In the meantime, Musk stated after the Starship flight, that the booster a part of the rocket could possibly be able to launch in as little as an hour. “The booster returns inside 5 minutes, so the remaining time might be for reloading propellant and putting a ship on prime,” he defined.
Whereas Musk enjoys a excessive profile within the crypto neighborhood, his title has additionally been utilized by scammers for malicious functions. In April, we noticed an inflow of deepfake movies of Musk showing on YouTube, selling bogus SpaceX giveaways, which is coincidental as these occasions coincided with the photo voltaic eclipse that occurred on the identical day.
These scams characterize a harmful facet of the crypto market on the whole, additional emphasizing the dangers on the subject of public figures whose affect garners each actual and false curiosity.
Featured picture from KHOU, chart from TradingView
