The crypto market is home to thousands of cryptocurrencies, with most having little to no use cases. However, such tokens can make major gains because of developments beyond the crypto space.
One of the leading crypto gainers during the past 24 hours was StarLink (STARL/USD), a little-known crypto trading under the ticker STARL. This coin has recorded an over 100% price gain due to the second SpaceX rocket launch.
“Musk effect” attributed to STARL’s gains
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StarLink shares the same name with SpaceX’s satellite internet constellation dubbed Starlink. SpaceX recently launched its second rocket made of 53 Starlink satellites, and this has led to major gains for the coin that has witnessed a 115% price gain in four days.
Data from CoinGecko shows that the coin has surged from $0.000038 to a high of $0.000084 on November 15, before making a slight dip to the current price of 0.000065.
Developments having to do with Elon Musk have led to notable gains for various cryptocurrencies, especially meme coins, or those that have been named after his initiatives. The Musk effect was attributed to Dogecoin’s surge to record highs of $0.73.
However, the StarLink token has nothing to do with Elon Musk or SpaceX. Moreover, the token was launched accidentally by a LEASH deployer, and it is among the few projects in the cryptocurrency space that are wholly owned by the community.
SpaceX influencing crypto
This is not the first time that a token that is attributed to SpaceX has seen major price gains due to the Musk effect. Musk has been one of the most popular crypto advocates, and if he posts a tweet containing the name of a crypto, that asset tends to make notable price gains.
The Musk effect also contributed to the gains made by the Starbase token (STAR). This token made major price gains because Musk tweeted an image showing a SpaceX launch facility trading under the name Starbase. With this mention, STAR gained by 6000%. However, like most tokens that derive most of their gains from hype, the STAR uptrend was short-lived because a selloff triggered a major price dip. Like StarLink, the Starbase token has nothing to do with Elon Musk or SpaceX.
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