Starship Test Launch Sparks Nearly 6,000% Surge in SpaceX Copycat Cryptos

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I’ve learned to navigate its ebbs and flows with cautious optimism. The recent surge of SpaceX-themed cryptocurrencies following Elon Musk’s successful Starship launch is an intriguing development that I find both fascinating and somewhat concerning.

On October 14th, cryptocurrencies imitating SpaceX, inspired by Elon Musk’s space venture, experienced a surge following the successful test flight of Starship. Coins not linked to Musk’s aerospace company, SpaceX, saw significant price increases across various platforms due to the attention generated during the launch event.

In just 24 hours, SpaceX-associated token on PancakeSwap experienced an astounding surge of over 5,800%, reaching a price point of $0.012192. This significant increase in value propelled its market capitalization to an impressive $80,800.

A different digital asset, modeled similarly to SpaceX, built upon the Solana blockchain, experienced an increase as well. At its highest point during the time of this writing, it surged by 216%. Despite this significant growth, it managed to maintain a market capitalization of $16,400.

I recently checked out the Starship booster; it’s now securely fastened in its launch stand thanks to the robotic arms. Everything looks fantastic!

Several exhaust nozzles on the exterior have been slightly misshapen due to heat and a few small problems, yet they can be quickly rectified.

Starship is designed to achieve reflight of its rocket…

— Elon Musk (@elonmusk) October 14, 2024

Similar Tokens Follow Starship’s Flight Path

On a different note, the NFT gaming token called StarShip, modeled after SpaceX’s freshly launched rocket, initially increased by 0.9% to reach $0.0215, then stabilized with a market capitalization of $404,251. A similar Ethereum (ETH) blockchain-related token inspired by the Starship rocket was created but hasn’t been monitored on major platforms for its price fluctuations.

Beyond revitalizing cryptocurrencies, the SpaceX Starship launch also signified a significant leap in technology. This 400-feet tall rocket was propelled not far from the Mexican border, soaring gracefully over the Gulf of Mexico.

Starship Test Launch Sparks Nearly 6,000% Surge in SpaceX Copycat Cryptos

On this flight, the rocket was skillfully captured during re-entry by the “arm-like” structure of the launch tower, unlike earlier flights that ended in flames. This new approach has made this flight superior to previous ones.

The Benefits And Dangers Of Musk’s Crypto Influence

Even though Elon Musk doesn’t hold official positions within the realm of cryptocurrency, he exerts a strong influence over it. For instance, Musk, who is well-known as a Dogecoin supporter, has used his brief social media posts to spark sudden surges in the value of Bitcoin, Dogecoin, and SHIBA INU in the past.

Mechazilla has caught the Super Heavy booster!

— SpaceX (@SpaceX) October 13, 2024

After the Starship flight, Musk stated that it might only take an hour to prepare the booster section of the rocket for another launch. This is because the booster returns within just 5 minutes, leaving time primarily for refilling propellant and positioning a new ship on top.

Although Musk is well-known in the cryptocurrency world, his name has unfortunately been misused by scammers for harmful activities. In April, there was a surge of fake videos featuring Musk on YouTube, claiming SpaceX giveaways that didn’t exist. Interestingly, this happened on the same day as a solar eclipse, though it’s not clear if these events are related.

These fraudulent activities underscore the potential hazards prevalent across the cryptocurrency market at large. They serve as a reminder of the risks involved when dealing with public personas, whose sway can attract both genuine and fabricated attention.

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2024-10-15 03:42