On October 14, copycat cryptocurrencies bearing the SpaceX name surged after the successful test launch of Elon Musk's Starship. Coins that are not affiliated with Musk's aerospace firm, SpaceXsaw huge price increases across the platform due to the attention gained during the launch.
The big winner was perhaps SPACEX, a token based on PancakeExchange that rose by a whopping 5,824% in 24 hours and its price rose to $0.012192 and took its market capitalization to $80,800.
Another token named after SpaceXone that is based on the Solana (SOL) blockchain, also increased in value, rising 216% at its peak at the time of writing, maintaining a market capitalization of $16,400.
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I just inspected the Starship booster, which the arms have now replaced on its launch stand. It looks great!
Some exterior engine nozzles are warped from heating and some other minor problems, but they are easily fixed.
Starship is designed to achieve the return of its rocket… pic.twitter.com/oWZoOOfHmk
– Elon Musk (@elonmusk) twitter.com/elonmusk/status/1845633730154545465?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>October 14, 2024
Similar tokens follow Starship's flight path
On the other hand, an nft gaming token by the name of starship After SpaceX's newly launched rocket, it soared 0.9% before leveling off at $0.0215 with a market capitalization of $404,251. Another Starship rocket-themed ethereum (eth) blockchain-based token was manufactured but not tracked on major platforms regarding its price movements.
In addition to bringing cryptocurrencies back to life, the real starship launch of SpaceX has been a technological milestone. The 400-foot-tall rocket was launched near the Mexican border and deflected over the Gulf of Mexico.
This flight proved to be better than previous ones, as the rocket was caught on return by the “chopstick” arms of the launch tower, instead of ending in an inferno like its predecessors.
The benefits and dangers of Musk's crypto influence
Despite not being directly associated with these tokens, Elon Musk has definitive control over the world of cryptocurrencies. Already a Dogecoin champion, Musk's brief social media posts on
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Mechazilla has caught the Super Heavy booster! pic.twitter.com/6R5YatSVJX
-SpaceX (@SpaceX) twitter.com/SpaceX/status/1845442658397049011?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>October 13, 2024
Meanwhile, Musk said after Starship's flight that the booster part of the rocket could be ready to launch in as little as an hour. “The booster returns in 5 minutes, so the remaining time will be to reload propellant and place a ship on top,” he explained.
While Musk enjoys a high profile in the crypto community, scammers have also used his name for malicious purposes. In April, we saw an influx of fake Musk videos appearing on YouTube promoting fake SpaceX giveaways, which is a coincidence as these events coincided with the solar eclipse that occurred on the same day.
These scams represent a dangerous aspect of the cryptocurrency market in general, further emphasizing the risks when it comes to public figures whose influence generates both real and fake interest.
Featured image by KHOU, TradingView chart
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