On October 14, SpaceX counterfeit cryptocurrencies surged following the successful test launch of Elon Musk’s spacecraft. Non-Musk Space Coins, SpaceXIt received huge price increases across the platform as a result of the interest it gained during the launch.
Perhaps the biggest winner was SPACEX, a token based on… PancakeSwap Which rose by a huge rate of 5,824% within 24 hours, with its price rising to 0.012192 US dollars, which led to its market value reaching 80,800 US dollars.
Another symbol named after SpaceXwhich is based on the Solana (SOL) blockchain, has also increased in value, rising 216% at its peak at the time of writing, all while maintaining a market cap of $16,400.
I’ve just inspected the spacecraft’s booster, the arms of which have now been placed back into the launch pad. Looks great!
A few outboard engine nozzles are distorted due to heating and some other minor issues, but they can be easily remedied.
The spacecraft is designed to achieve the relaunch of its rocket… pic.twitter.com/oWZoOOfHmk
– Elon Musk (@elonmusk) October 14, 2024
Similar symbols track the spacecraft’s flight path
On the other side, there is an NFT gaming token named Starship Following the newly launched SpaceX rocket, it rose 0.9% before settling at $0.0215 with a market value of $404,251. Another blockchain-based token for Ethereum (ETH) was modeled after the Starship rocket but has not been tracked on major platforms regarding its price movements.
Aside from bringing cryptocurrencies back to life, reality Spacecraft launch SpaceX has been a technological milestone. The 400-foot-long rocket was launched near the Mexican border and arced over the Gulf of Mexico.
This flight proved to be better than its predecessors, as upon its return, the missile collided with the arms of the “chopsticks” launch tower, instead of ending up in hell like its predecessors.
Benefits and risks of Musk’s cryptocurrency impact
Although not directly associated with these tokens, Elon Musk has a decisive grip on the world of cryptocurrencies. Already a Dogecoin champion, Musk’s social media SMS on X (formerly Twitter) has led to rapid increases in Bitcoin, Dogecoin, and SHIBA INU in the past.
Mechazilla got the super heavy booster! pic.twitter.com/6R5YatSVJX
— SpaceX (@SpaceX) October 13, 2024
Meanwhile, Musk said after the Starship flight that the booster portion of the rocket could be ready for launch in less than an hour. He explained, “The missile returns within 5 minutes, so the remaining time will be to reload the propellant and place the ship on top.”
While Musk has a high profile in the cryptocurrency community, his name has also been used by scammers for malicious purposes. In April, we saw an influx of deepfake videos of Musk appear on YouTube, promoting fake SpaceX giveaways, which is purely coincidental because these events coincided with a solar eclipse that occurred on the same day.
These scams represent a dangerous aspect of the cryptocurrency market in general, further emphasizing the risks when it comes to public figures whose influence receives both real and false attention.
Featured image from KHOU, chart from TradingView
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