SpaceX crypto copycats skyrockets 5824% after Starship test launch

SpaceX’s copycat crypto tokens, which are not affiliated with the company, surged 5824% following SpaceX’s successful Starship test launch on Sunday.

On October 14, prices of SpaceX and StarShip cryptocurrency tokens surged following the launch of SpaceX’s newest megarocket, Starship, which passed its test flight last Sunday.

Although these tokens are not affiliated with Elon Musk’s space technology company, the launch of the huge rocket that made headlines was enough to increase the prices of these imitation tokens on different platforms.

According to CoinMarketCap data, the price of PancakeSwap-backed token SPACEX has skyrocketed by 5824% in the last 24 hours of trading. SPACEX’s market cap currently stands at $80,800 and is selling for $0.012192 at the time of this writing.

Meanwhile, SpaceX, backed by Solana (SOL), another token with the same name, increased by 216% in the last 24 hours, according to CoinMarketCap. At the time of this writing, the token is down 84.56%. Despite this decline, it maintained its market value of $16,400.

An NFT gaming token with the same name as SpaceX’s newly launched megarocket, StarShip, also saw a brief increase in price of 0.9% after launch, according to CoinGecko. StarShip’s price currently stands at $0.0215 with a market cap of $404,251.

StarShip token price chart last 24 hours, October 14, 2024 | Source: CoinGecko

According to CoinMarketCap, another token dedicated to the spaceship has also been created on the Ethereum(ETH) blockchain, but platforms have not yet tracked the token’s price fluctuations.

The 120-foot-tall Starship rocket exploded near the Mexican border at sunrise on Oct. 13, according to a report from the Associated Press. The rocket arced over the Gulf of Mexico, following a similar path to the previous four Starships that were destroyed. However, this Starship did not share that fate.

After returning to the launch base, the rocket was successfully captured by the launch tower’s metal arms called chopsticks.

SpaceX Chief Executive Officer and Chief Technology Officer Elon Musk said in an X post that the megarocket was designed with a booster that could get back into flight within an hour of launch.

“The booster returns in about 5 minutes, so the remaining time is spent recharging the propellant and placing a ship on top of the booster,” Musk explained.

I just inspected the Starship thruster that the arms now place in the launch bay. It looks great!

A few outboard engine nozzles are warped due to overheating and some other minor issues, but these can be easily fixed.

Starship was designed to re-flight its rocket… pic.twitter.com/oWZoOOfHmk

— Elon Musk (@elonmusk) 14 October 2024

Elon Musk is known for his influence in the crypto space, although he has not created any official tokens himself. He was a passionate advocate of Dogecoin, and the billionaire even backed a space mission funded by cryptocurrency Dogecoin that was postponed last year.

His brief posts on X have inspired double-digit gains for Bitcoin, Dogecoin, and SHIBA INU multiple times.

On April 8, multiple deepfake videos of Musk directed viewers to participate in fake Space X giveaways on YouTube disguised as live broadcasts revolving around the then-occurring solar eclipse.