SpaceX crypto copycats skyrockets 5824% after Starship test launch

Tokens inspired by SpaceX, despite not being officially affiliated with the company, have surged dramatically following the successful test launch of SpaceX’s Starship on October 14.

The PancakeSwap token SPACEX skyrocketed by an astonishing 5824% in just 24 hours, reaching a market cap of approximately $80,800 and trading at $0.012192 at the time of writing. Another token named SpaceX, based on the Solana blockchain, experienced a 216% increase in the same period, although it later dropped to an 84.56% decrease, maintaining a market cap of $16,400.

Additionally, an NFT-game token called StarShip also saw a brief price increase of 0.9% after the launch, with its price currently at $0.0215 and a market cap of $404,251.

Another token associated with the Starship has been created on the Ethereum blockchain, but its price movements have yet to be tracked by any platforms, according to CoinMarketCap.

The Associated Press reported that the 400-foot-tall Starship rocket successfully launched on October 13 near the Mexican border, soaring over the Gulf of Mexico. Unlike its predecessors, which were destroyed during their flights, this Starship achieved a successful mission and was caught by the launch tower’s metal arms, nicknamed “chopsticks,” upon its return.

Elon Musk, CEO and Chief Technology Officer of SpaceX, shared on X that the megarocket is designed with a booster capable of being reused within an hour of launch. He elaborated that “the booster returns within ~5 minutes, so the remaining time is reloading propellant and placing a ship on top of the booster.”

Elon Musk has gained a reputation for his significant influence in the cryptocurrency space, despite not having created any official tokens himself. He is a prominent supporter of Dogecoin, even backing a space mission funded by the cryptocurrency, which was delayed last year.

His succinct posts on X have led to substantial price increases for Bitcoin, Dogecoin, and SHIBA INU on various occasions. However, his influence has also attracted negative attention; on April 8, several deepfake videos of Musk were used to scam viewers into participating in fake SpaceX giveaways on YouTube, which were presented as live streams related to a solar eclipse occurring at that time.