On 14 October, copycat cryptocurrencies named after SpaceX surged after the successful test launch of Elon Musk’s Starship.
Copycat Tokens Gain Massive Price Spikes
On 14 October, copycat cryptocurrencies named after SpaceX surged after the successful test launch of Elon Musk’s Starship. The coins that are not affiliated with Musk’s aerospace firm, SpaceX, garnered massive price spikes across the platform from the attention gained during the launch.
The big winner perhaps was SPACEX, a token based on PancakeSwap that went up by a whopping 5,824% in 24 hours with its price rising to $0.012192 and leading to its market cap to hit $80,800.
Another token named after SpaceX, one that is based on the Solana (SOL) blockchain, also increased in value, going up 216% at its peak at the writing of writing, all while maintaining a market cap of $16,400.
Similar Tokens Follow Starship’s Flight Path
On the flip side, an NFT gaming token by the name of StarShip after SpaceX’s newly launched rocket, soared 0.9% before leveling at $0.0215 with a market cap of $404,251. Another Ethereum (ETH) blockchain-based token themed after the Starship rocket was made but not tracked on major platforms regarding its price moves.
The Benefits And Dangers Of Musk’s Crypto Influence
Despite not being directly associated with these tokens, Elon Musk has a definitive grip on the world of cryptocurrency. Already a Dogecoin champion, Musk’s short social media messages on X (formerly Twitter) have driven quick increases for Bitcoin, Dogecoin, and SHIBA INU in the past.
The Dangers Of Musk’s Crypto Influence
However, Musk’s name has also been used by scammers for malicious purposes. In April, an influx of deepfake videos of Musk appearing on YouTube, promoting bogus SpaceX giveaways, coincided with the solar eclipse that occurred on the same day. These scams represent a dangerous aspect of the crypto market in general, further emphasizing the risks when it comes to public figures whose influence garners both real and false interest.
Conclusion
In conclusion, the successful test launch of Elon Musk’s Starship has led to a surge in copycat cryptocurrencies named after SpaceX. While some of these tokens have seen massive price spikes, it is important to note that these coins are not affiliated with Musk’s aerospace firm, SpaceX. The influence of public figures like Elon Musk can have both positive and negative effects on the crypto market, and it is essential to be cautious of scams and fake giveaways.
FAQs
Q: What is the purpose of a crypto token?
A: A crypto token is a digital asset that represents a specific value or unit of measurement, often used in decentralized finance (DeFi) applications.
Q: What is the difference between a token and a coin?
A: A token is typically built on top of another blockchain, such as Ethereum or Binance Smart Chain, while a coin is a standalone digital currency with its own blockchain.
Q: How do copycat tokens gain value?
A: Copycat tokens gain value when they are listed on popular cryptocurrency exchanges, attract the attention of traders, and trade heavily, leading to an increase in price and market capitalization.
Q: What can I do to protect myself from scammers in the crypto market?
A: To protect yourself from scammers in the crypto market, always do your research, never invest in something you don’t understand, and be cautious of giveaway schemes that seem too good to be true.
