Elon Musk’s successful Starship test launch on October 14th sent a wave of excitement through the crypto world, causing a surge in the value of cryptocurrencies named after SpaceX.
Cryptocurrencies Soar After Starship Launch
The most notable gainer was SPACEX, a token on PancakeSwap, which skyrocketed by a whopping 5,824% in 24 hours. Another SpaceX-themed token on the Solana blockchain also saw a significant increase, jumping 216% at its peak.
Even an NFT gaming token called StarShip saw a small bump, rising 0.9% before settling at $0.0215.
Musk’s Influence on Crypto
Elon Musk, a known crypto enthusiast, has a significant impact on the market. His social media posts have been known to drive price surges for Bitcoin, Dogecoin, and Shiba Inu in the past.
Following the Starship launch, Musk stated that the booster could be ready for another launch within an hour, highlighting the potential for rapid reusability.
The Dark Side of Crypto
While Musk’s influence is undeniable, it also attracts scammers. In April, deepfake videos of Musk promoting fake SpaceX giveaways emerged on YouTube, coinciding with a solar eclipse. These scams highlight the dangers of relying solely on public figures for crypto investment decisions.
The Starship launch itself is a major technological milestone. The 400-foot-tall rocket successfully launched and landed back on the launch tower, marking a significant improvement over previous attempts.
