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The Masks Impact: Cryptocurrency Named After SpaceX’s Starlink Satellites To Develop Extra Than 140% In 3 Days

In a weird occasion, a cryptocurrency of the identical title as SpaceX’s Starlink vary of satellites jumped greater than 140% when Elon Musk’s area firm launched 53 of them into Earth’s decrease orbit.

The obscure cryptocurrency, spelled as StarLink (STARL), surged 13.70% on November 13, the day the satellite tv for pc was launched, one other 69% the day after, and up 27% on November 15. generated STARL’s internet return on funding in simply over 140% in lower than three days, in accordance with knowledge from OKEx.

Day by day STARL / USDT worth chart. Supply: TradingView

STARL falls below the “musk impact”.

The title alone served as a standard denominator between StarLink, the cryptocurrency, and Starlink, SpaceX’s satellite tv for pc wing. In consequence, it turned out that merchants have been merely pumping cryptocurrency in a coordinated effort, attempting to money in on the SpaceX satellite tv for pc launch occasion.

A number of the causes embody Musk’s affect on the cryptocurrency market, in addition to the rise of memcoins and the phenomenon of investing in inventory memes generally.

It began with a billionaire investor tweeting in favor of Dogecoin (DOGE), a meme cryptocurrency that pushed the token worth as much as an all-time excessive of $ 0.76 in Might 2021 after rising 15,700% YTD.

Musk’s determination to spend money on bitcoin (BTC) via his different firm, Tesla, additionally pushed the flagship cryptocurrency from $ 39,000 in February 2021 to just about $ 65,000 in April 2021.

In the meantime, his criticism of Bitcoin for its alarming carbon footprint has been thought of by many market analysts to be an necessary issue within the notorious cryptocurrency crash in Might 2021.

BTC / USD every day worth chart displaying Elon Musk’s affect on the bitcoin market. Supply: TradingView

As well as, Musk’s cryptic tweet about his canine, the Japanese Shiba Inu breed, helped drive up the worth of the token of the identical title. When buying and selling below the SHIB ticker, the profitability of the cryptocurrency from the start of the yr to the top of October was about 375%.

Extra lately, one other cryptocurrency named after Musk, Dogelon Mars, surged over 4,200% in October, highlighting how the Musk Impact has impacted crypto markets.

On the topic: Meme tokens and dogcoins are flooding the market as worth wars warmth up.

Nonetheless, in accordance with the official doc, StarLink operates as a stand-alone crypto challenge, unrelated to SpaceX satellites.

It’s a “decentralized metaverse challenge” by which STARL acts because the official default foreign money, serving to customers purchase every little thing from providers like video games to digital actual property.

What’s subsequent for StarLink cryptocurrency?

The final wave of STARL purchases pushed its worth up, however didn’t create an ample worth impulse.

As proven within the chart beneath, the STARL worth made larger highs throughout November, however its Relative Power Index (RSI) was sloping downward, displaying decrease highs as an alternative. This alerts a traditional bearish divergence because of the lack of subsequent upward momentum.

Two-hour STARL / USDT worth chart. Supply: TradingView

In consequence, STARL might endure a worth correction within the coming periods as its persevering with parabolic assist tries to forestall it from testing $ 0.00064 as an interim goal for the decline.

Nonetheless, holding above the desired worth threshold may power STARL bulls to retest the token’s all-time excessive of round $ 0.00087.

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