SpaceX Crypto Copycat Tokens Soar by 5824% Following Starship Test Launch

SpaceX-inspired cryptocurrency tokens have surged dramatically, with some seeing gains of over 5824% after SpaceX’s successful Starship test launch on Sunday, Oct. 14.

Despite having no official affiliation with Elon Musk’s space technology company, the launch of the massive Starship rocket has significantly boosted the prices of these copycat tokens on various platforms.

SPACEX Token Soars by 5824%

According to CoinMarketCap data, the PancakeSwap-powered token, SPACEX, saw its price skyrocket by 5824% within 24 hours of trading. The SPACEX token currently has a market cap of $80,800 and is trading at $0.012192 at the time of writing.

Other Tokens Show Significant Gains

Another token, also named SpaceX and powered by the Solana (SOL) blockchain, surged by 216% in the last 24 hours. However, it has since dropped by 84.56%, maintaining a market cap of $16,400.

An NFT-game token named StarShip, after SpaceX’s newly launched megarocket, experienced a brief price increase of 0.9% following the launch. According to CoinGecko, the StarShip token is now priced at $0.0215 with a market cap of $404,251.

Ethereum-Based SpaceX Token

Another SpaceX-themed token was created on the Ethereum (ETH) blockchain. However, CoinMarketCap has yet to track its price fluctuations.

Details of the Starship Launch

The Starship rocket, standing 400 feet tall, blasted off on Oct. 13 at sunrise near the Mexican border. It arced over the Gulf of Mexico, following a similar trajectory to previous launches, which ended in destruction. However, this Starship returned successfully to the launch base and was caught by the launch tower’s metal arms, known as chopsticks.

Elon Musk, CEO and CTO of SpaceX, explained in a post on X that the megarocket is designed with a booster capable of reflight within an hour after launch. “The booster returns within ~5 minutes, so the remaining time is reloading propellant and placing a ship on top of the booster,” Musk stated.

“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…” – Elon Musk

Elon Musk’s Influence on the Crypto Market

Elon Musk has a well-known influence in the cryptocurrency sphere, despite not creating any official tokens himself. He has been a strong advocate for Dogecoin, even supporting a space mission funded by Dogecoin, which was delayed last year.

His brief posts on X have often resulted in double-digit gains for cryptocurrencies like Bitcoin, Dogecoin, and SHIBA INU.

However, it’s essential to be cautious, as on April 8, multiple deepfake videos of Musk scammed viewers into participating in fake SpaceX giveaways on YouTube, disguised as live streams centered around a solar eclipse.

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