STAR token jumps 6,000% after Elon Musk tweets about SpaceX launch facilities.
STAR overvaluation
It seems that Elon Musk’s influence on cryptocurrency prices is far from over.
On Tuesday night (18), the CEO of Tesla and SpaceX returned to move the crypto market. All because the billionaire posted a photo of SpaceX’s launch facility on his Twitter.
— Elon Musk (@elonmusk) May 18, 2021
The publication, containing a single photo of SpaceX’s facilities, was enough to make STAR, hitherto unknown, fire 6,000% in less than an hour.
At about 7:30 am on Tuesday morning, the token skyrocketed from USD $ 0.008 to approximately USD $0.20. Shortly thereafter, the asset price fell, priced at USD $0.09.
Even with the low at the end of the day, the digital currency still accumulated a valuation of 1,650% in 24 hours. Its daily trading volume, which was below USD $100,000, jumped to more than USD $6.9 million.
Meet STAR token
STAR is a native token of a “crowdfunding platform”.
According to STAR’s oficial website, Starbase, the company that develops the token, aims to be an environment where startups can generate financial resources through their own tokens.
The project is still in its initial stages and aims to develop its own trading platform, which will function as an exchange.
In an official statement published on the STAR blog, the goal is to create an entirely new ecosystem for STAR tokens.
“This ecosystem is enabled by our new trading platform called StarbaseX“, says the statement.
STAR today’s price
Currently the Starbase token is quoted at USD $0.02372 and its market capitalization is USD $4,318,864.
In addition, there are more than 187 billion STAR in circulation. The largest exchange where the asset is currently available is UniSwap.
Musk and the cryptocurrency market
The recent effect seen in the Starbase token only confirms that Elon Musk continues to have a great impact on several digital assets.
This time, however, the billionaire’s intentions were not questioned, as it was when SpaceX decided to suspend bitcoin as a form of payment. That is because the STAR token has no correlation with the launch facilities advertised by the billionaire.
However, it is worth remembering that Musk’s influence on the price of cryptocurrencies is not new. Even though his comments have no apparent correlation with digital currencies.
An example is the tweet that musk is “buying a Shiba Inu“, which made SHIB rise 107.3% in 24 hours. But in reality, the billionaire is referring to the dog of the same name as the digital currency.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March 14, 2021
Another example is a tweet by Musk published in April with the caption “DOGE barking at the moon”, with the image of Joan Miró. The publication propelled Dogecoin to the highest point of $ 0.45.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
