The StarLink cryptocurrency (STARL) rose days after the company founded by Elon Musk launched 53 satellites into space in Florida, the 13th of November. That same day its value increased 13.70%, a day after it rose 69% more, and on the 15th it went up another 27%. This represents a 140% on net return on investment in only three days. However, the token has been falling ever since and, at the moment of writing this article, its price had decreased 5.96% in 24 hours, according to CoinMarketCap.
Even though there is no known official relationship between the STARL cryptocurrency and the Starlink company, apparently investors played with the obvious name relationship between the token and the space company. It seems that this generated fear of missing out at the time that SpaceX’s satellite launch took place. Actually, the Starlink company emerged 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 global coverage at low cost.
Much of the excitement surrounding STARL is attributed by investors to Starlink’s founder and CEO, Elon Musk, since the billionaire wields a very large, albeit diminishing, influence over the crypto market. Musk also played a key role in the emergence of meme-based crypto, such as Dogecoin and Shiba Inu, and the whole phenomenon surrounding them.
Musk initially appeared to endorse DOGE earlier this year after tweeting in favor of the token. Days later, this led to a massive price spike that saw DOGE reach an all-time high of US$0.76 last May, which represented a 15 thousand percent rise.
Tweets from the Tesla and SpaceX CEO about his pet, a dog of the Shiba Inu breed, sent the SHIB (Shiba Inu) token through the roof. By the end of October, SHIB’s returns were more than 375%. In addition, the Dogelon Mars (ELON), named so after Musk, rose over 4,000% last month.