Ridiculous and bizarre trends in the crypto industry aren’t surprising. Little-known StarLink (STARL) is the latest to see a wild swing that has some connection with Elon Musk, but it’s not what you think.
Coincidentally, StarLink happens to share the same name as that of the Elon Musk-backed satellite internet constellation Starlink. Amidst a busy week, SpaceX launched its second rocket that included a stack of 53 Starlink satellites into orbit on November 11th. This was enough for STARL to witness a massive 115% gain in just four days following the launch. According to CoinMarketCap, the price went from $0.00003724 to $0.00008.
Musk Effect, Gone Too Far?
Even as the hype faded and it settled near the press time price of $0.000062, STARL was still up by more than 13% over the past day. Surprisingly, StarLink, ranked 229 by market value, is not just a lesser-known crypto-asset but it also has no connection to Elon Musk.
StarLink the crypto and SpaceX’s Starlink internet project are two completely different entities. Despite the similarity in their nomenclature, Musk had nothing to do with the crypto. In fact, there have been no tweets or any social discourse by the Technoking himself about the asset.
But that one common denominator was still enough to demonstrate Musk’s influence on the cryptocurrency market.
His influence on the meme-coins may appear to fade, but the richest man on the planet still has a considerable hold of market movement of unpopular coins. While it is too soon to say if StarLink, the crypto, will eventually become sacrosanct as Dogecoin (DOGE), it’s worth keeping in mind that both have a similar origin story.
One was released as a joke coin, the other was rolled out by LEASH deployer accidentally, which then turned into a community-owned project.
What’s In The Name?
This isn’t the first time that the contentious Musk Effect has induced a sporadic rally of an asset. The Starbase Token (STAR) also skyrocketed because the billionaire tweeted a picture featuring the SpaceX launch facility, also called Starbase.
As a result, the token pumped 6,000%. The uptrend was, however, short-lived, as STAR noted a major sell-off almost immediately. Somewhat expectedly, Starbase token and Starbase facility, located in Boca Chica Village in Cameron County, Texas, had nothing to do with each other.
