A cryptocurrency surged meteorically after the launch of Elon Musk’s satellites into space

The cryptocurrency Starlink rose more than 100 percent days after SpaceX, a company founded by Elon Musk, launched its satellites into space.

The cryptocurrency Starlink rose more than 100 percent days after SpaceX, a company founded by Elon Musk, launched its satellites into space.

Starlink is a company that was born as a SpaceX project for the creation of a constellation of internet satellites with the aim of providing a broadband internet service, low latency and worldwide coverage at low cost. However, there is no known official relationship between the cryptocurrency StarLink (STARL) and the Starlink company.

Following the launch of the 53 satellites in Florida, the cryptocurrency StarLink (STARL) began its rally on the same day, November 13, rising 13.70 percent the same day the satellite was launched. Twenty-four hours later, it was up an additional 69 percent, and by November 15, the token was up another 27 percent. This resulted in a grand total of a whopping 140 percent on net investment return in just three days. However, in the last two months the cryptocurrency rose more than 500 percent, although now it suffered a strong setback that left it with an increase of approximately 355 percent.

Elon Musk, strong promoter of cryptocurrencies
Elon Musk, strong promoter of cryptocurrencies

Franco Capelo, CEO of the Institute of Technical Analysis, told Infobae: “It appears that investors toyed with the obvious naming relationship between the STARL token and the space company.. It seems that FOMO (Fear Of Missing Out) was generated by STARL, at the time the satellite launch was carried out by SpaceX. Although, it is worth noting that StarLink operates as an independent crypto project and is not tied to the SpaceX satellites. “

Much of the excitement surrounding STARL is attributed by investors who spoke out on Twitter, to the founder and CEO of Starlink (the space company), Elon Musk. The famous billionaire exerts a very large, although diminishing, influence on the crypto market. In addition, it played a key role in the emergence of meme-based cryptocurrencies and the entire phenomenon that surrounds them. Many attribute the huge Dogecoin and Shiba Inu hikes to Musk, as after his tweets, their prices took off.

Musk initially appeared to back DOGE earlier this year after tweeting in favor of the token. Days later, this fact led to a massive price increase that caused DOGE to reach an all-time high of $ 0.76 in May 2021. At that time, this represented a huge 15 thousand percent increase so far in the year. anus. Additionally, Musk also began to help spark excitement for DOGE’s direct rival SHIB.

Tweets from the CEO of Tesla and SpaceX about his own dog, Floki, a Japanese breed called the Shiba Inu, which gives the coin its name, caused the token of the same name to skyrocket. At the end of October 2021, SHIB’s returns to date were more than 375 percent.

Musk also invested in Bitcoin, the number one cryptocurrency, through his electric vehicle manufacturing company Tesla. The car company was partly responsible for raising the price of BTC from around $ 39,000 per unit in February 2021 to about $ 65,000 in April. However, Musk also strongly criticized BTC for its damaging carbon emissions, a fact that caused a huge drop in May, reaching lows close to $ 29,000 per unit.

Nevertheless, Another digital currency named after Musk, called Dogelon Mars (ELON), saw a massive surge of more than 4,000 percent in October. ANDThis is further proof that the CEO of Tesla, the world’s richest man is currently influencing the crypto world.

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A cryptocurrency surged meteorically after the launch of Elon Musk’s satellites into space