Elon Musk Effect: SpaceX's Starlink-inspired token rises over 100% in a few days
Elon Musk Effect: SpaceX's Starlink-inspired token rises over 100% in a few days By Hannah Perez

StarLink (STARL) experienced a price spike following the launch of SpaceX’s Starlink satellites. The surge seems to highlight the growing trend of meme tokens inspired by Elon Musk.

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It seems billionaire Elon Musk is not only inspiring the growth of an economy inspired by doggie-themed meme tokens now that cryptocurrencies related to his company SpaceX

are also emerging.

This week, a token seemingly inspired by the Starlink satellites of SpaceX, the aerospace manufacturing company led by Musk, saw an increase of more than 100%. The rise of the curious cryptocurrency coincided with the launch of 53 of the Starlink

satellites into low Earth orbit.

As Cointelegraph reported, the price of StarLink (STARL), a little-known cryptocurrency whose name mimics that of the aerospace brand, has registered an impressive price spike of close to 120% in recent days. According to data from CoinMarketCap

, STARL rose from a price range of USD $0.000039 on November 12 to an all-time high of USD $0.000085 on Sunday the 14th. Elon Musk Effect: SpaceX's Starlink-inspired token rises over 100% in a few daysElon Musk Effect: SpaceX's Starlink-inspired token rises over 100% in a few dayssource: CoinMarketCap

The price spike came shortly after the launch announcement of SpaceX’s space satellites with the same name. By the time of editing, the price of the token has dipped slightly and is trading at USD $0.000069, though it remains bullish with a 5% gain in the last 24 hours

.

StarLink (STARL), a SpaceX-inspired token

The data suggests that the cryptocurrency may have taken advantage of the recent launch event

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of

Starlink, the SpaceX satellite wing, to increase sales, causing a price spike in the market. However, STARL also seems to be taking advantage of other trending topics such as non-fungible tokens

(NFT) and the metaverse.

In addition to the SpaceX event, the recent bullish rally in the StarLink token also seems to have coincided with the launch announcement of “Pixelnauts,” a collection N

FT where community members will be able to mine their own “STARL astronauts“. The launch is slated for November 17, the team behind StarLink said in a tweet.

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

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

Although the project doesn’t mention Elon Musk’s company, and in no sense is it an official SpaceX cryptocurrency, the inspiration with the brand is undeniable. All of StarLink ‘s images and theming are related to space, satellites, spacecraft, astronauts, etc., suggesting that the project leverages the popularity of the aerospace company and the rise of memecoins in the market to attract investors.

Elon Musk’s effect on memecoins

Elon Musk has become a major influence within the crypto space in the last year. Beyond his interest in Bitcoincryptocurrency, the billionaire has repeatedly expressed support for Dogecoin (DOGE) on his Twitter, and the subsequent meteoric growth of that cryptocurrency, has generated an entire movement within the market characterized by the emergence of meme cryptocurrencies.

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Many projects picked up the canine theme to try to mimic the commercial success of DOGE, which has risen more than 15,000% so far this year. Among them, Floki Inu, a token inspired by the name of Musk’s puppy, emerged. Also Baby Doge and Dogelon Mars, which rose more than 4,000% last month. Although without a doubt the one that has attracted the most attention from the community has been the SHIB token, which a few weeks ago was increasing at a double-digit rate per day.

The sudden spike in these coins inspired by Musk’s fondness for “memes and puppies,” as he put it, highlights the effect 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 vein, Star Linkisn’t the only digital currency that seems to be cashing in on the popularity of the SpaceX brand. According to data from CoinMarketcap there are at least eight other tokens related to the aerospace company, some even combining this theme with that of puppies.

For example, Baby Starlink Doge (STARLIKDOGE) and Doge Universe (SPACEXDOGE), a token that saw a 400% price spike in a matter of 24 hours earlier this month as the trend for Musk-inspired meme cryptocurrencies continues.

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Article by Hannah Estefania Perez / BitcoinDaily

Image by Unsplash