Crypto named after Elon Musk’s satellites rallies over 65% due to this idiotic reason

elon musk metaverse starlink, satellite, spaceX
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Key StarLink Takeaways:

  • In a fresh batch of crazy, StarLink, the cryptocurrency named after SpaceX’s sattelites, rallied 65%.
  • The uptrend came in the wake of the 87th successful Falcon 9 launch.
  • What’s next for STARL?

YEREVAN (CoinChapter.com) – Elon Musk, the multibillionaire engineer behind Tesla and SpaceX, has stirred the cryptoverse on multiple occasions in 2021. The swarm of various Shiba Inu-spawned meme coins would testify to that. However, the latest absurdity comes not from his pet puppy Floki but SpaceX’s Starlink satellite launch, which prompted the same-named token to jump over 65%.

What happened?

SpaceX’s Falcon 9 rocket sent 53 Starlink satellites into orbit, marking its 87th successful launch, as the company announced on Nov 13. The rocket’s reusable first stage delivered the internet satellites in the second launch of the week. In hindsight, the first one took four astronauts to spend the next six months on the International Space Station.

According to SpaceX, the fresh batch of satellites will join the ones already in orbit to facilitate delivering internet access to underserved areas of the world. As of publication, SpaceX has launched over 1,800 Starlink satellites to build out global coverage. 

Also read: Meme token named after Elon Musk may outperform Bitcoin this Autumn — Here's why

While the satellite launch seems remarkably unrelated to the cryptocurrency world, StarLink metaverse token holders disagree. The digital asset named after Elon Musk’s satellites jumped up to 65% in the last 24 hours, trading at an intraday high of $0.000075.

In detail, StarLink is another product of the meme-coin culture and came from the creator of a token in the Shiba Inu coin ecosystem – LEASH. Moreover, crypto price tracker CoinMarketCap claims that the LEASH deployer launched the token “accidentally,” which in itself doesn’t sound like a convincing reason to own STARL.

However, it is hard to discourage meme-coin holders, as the StarLink community confirmed.

STARL rally

As mentioned, after the successful satellite deployment, the StarLink token gained 65% and peaked at $0.000088 01:00 am GMT. However, the price declined afterward, stabilizing at $0.000075.

StarLink (STARL) chart showed a 65% uptrend after the Falcon 9 launch. Source: CoinMarketCap.com
StarLink’s (STARL) chart showed a 65% uptrend after the Falcon 9 launch. Source: CoinMarketCap.com
Also read: Floki Pet World is here, as its IDO went live on Nov 12

Additionally, the digital asset painted a bearish Descending Triangle on its one-hour chart, hinting at a trend reversal in the upcoming hours. The Tringle’s horizontal trendline served as resistance in the previous hours but flipped to support after the token topped at 0.000088 USDT.

StarLink hourly chart. Source: STARLUSDT on TradingView.com
StarLink hourly chart. Source: STARLUSDT on TradingView.com

STARL logged the uptrend after the satellite launch, but there might be another underlying reason for its success in the previous sessions. The Orwellian uprising of Metaverse-related crypto assets has already pumped Axie Infinity, Decentraland, and Sandbox.

Metaverse behind the uptrend?

As Metaverse tokens are the new hit in the cryptocurrency sector, their success might have rubbed off on StarLink as well. CoinChapter previously reported the industry growing by 13% in the wake of Facebook’s decision to rebrand the company into “Meta.”

If all mentioned above wasn’t enough to make 2021 feel like The Matrix, the STARL announced a new batch of NFTs underway. As StarLink fans move away from reality and closer to the metaverse, the company announced they would launch a new avatar series to make that transition more fun. Pixelnauts will go live on Nov 17 at 4pm GMT.

Also read: Metaverse token market jumps 13% as AXS, MANA, SAND rally.
Also read: Harmony (ONE) attracts $371M to its liquidity pools on booming DeFi, Gaming craze.

StarLink might be a new player in the metaverse game and only the 229th cryptocurrency by market cap. Still, STARL bulls successfully pumped the value of the “accidental” crypto by 65% in two days. Will the price hold? The upcoming sessions will show. In the meantime, the lonely man on the ‘red planet’ might have some answers on where the metaverse will lead.

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