Bitrabo Editorial
On October 14, a series of cryptocurrencies, inspired by space exploration following the successful launch of Elon Musk’s Starship, saw their values skyrocket. These coins, which are not linked to Musk’s SpaceX, experienced significant price increases due to the excitement generated by the rocket’s launch.
The standout among these was SPACEX, a token available on PancakeSwap, which skyrocketed by an astonishing 5,824% within 24 hours, reaching a price of $0.012192 and resulting in a market capitalization of $80,800.
Another token associated with SpaceX on the Solana (SOL) blockchain also saw a significant value increase, peaking at 216%, while maintaining a market value of $16,400 at the time of writing.
Just inspected the Starship booster, which the arms have now placed back in its launch mount. Looks great!
A few outer engine nozzles are warped from heating & some other minor issues, but these are easily addressed.
Starship is designed to achieve reflight of its rocket… pic.twitter.com/oWZoOOfHmk
— Elon Musk (@elonmusk) October 14, 2024
Tokens Inspired by Starship’s Journey
Alternatively, an NFT gaming token named StarShip, inspired by SpaceX’s rocket, experienced a 0.9% rise before stabilizing at $0.0215 with a market cap of $404,251. Another token, based on the Ethereum (ETH) blockchain and themed around the Starship, emerged but its price movements weren’t tracked on major platforms.
The actual Starship launch by SpaceX not only revived interest in cryptocurrencies but also marked a significant advancement in technology. The towering 400-foot rocket was launched near the Mexican border and arched over the Gulf of Mexico.
This latest flight was notably improved, with the rocket returning safely and being caught by the “chopsticks” arms of the launch tower, a contrast to previous launches that ended in catastrophic failure.
Musk’s Impact on Cryptocurrency
Although Elon Musk is not directly linked with these specific tokens, his influence in the cryptocurrency realm is undeniable. As an advocate for Dogecoin, Musk’s brief posts on social media platforms like X (formerly Twitter) have previously caused swift price surges for Bitcoin, Dogecoin, and SHIBA INU.
Mechazilla has caught the Super Heavy booster! pic.twitter.com/6R5YatSVJX
— SpaceX (@SpaceX) October 13, 2024
Following the Starship launch, Musk remarked that the rocket’s booster could be ready for another launch in as little as an hour, noting that the booster returns in just 5 minutes, with the rest of the time allocated for refueling and placing a ship atop.
Musk’s prominence in the crypto community has also attracted scammers. Recently, a wave of deepfake videos featuring Musk surfaced on YouTube, promoting fake SpaceX giveaways, coinciding with the solar eclipse on the same day.
Such fraudulent activities highlight the perils present within the cryptocurrency market, emphasizing the risks associated with high-profile individuals who attract both genuine and deceptive interest.
Image sourced from KHOU, chart data from TradingView