Market Analysis

Starlink Token Increase More Than 140% In 3 Days Using Musk’s Fake SpaceX Association.

In an unusual instance, the cryptocurrency with the same name as the SpaceX satellite range Starlink increased by more than 140% after Elon Musk’s space technology company presented 53 of them on Earth.

StarLink (STARL) is an anonymous cryptocurrency that gained 13.70% earlier on 14th November – the day of the satellite launch – another 69% the next day, and up to 27% on 15th November, presently down 10% on 16th November. According to OKEx exchange data, the enormous movement brought the full rewards of STARL on investment of slightly over 140% in less than three days.

Starlink Token Increase More Than 140% In 3 Days Using Musk's Fake SpaceX Association.

StarLink Price Chart – Source: CoinMarketCap

One name serves as a common denominator for both StarLink crypto and the Starlink SpaceX satellite component. As a result, it appears that suppliers are just pushing crypto through concerted efforts while attempting to profit from the SpaceX satellite launch event.

Among the causes is Musk’s impact on the crypto market, the emergence of meme coins, and the “meme-stock” of investing in anything.

It all started with a billion-dollar investor tweeting in support of Dogecoin (DOGE), a cryptocurrency meme, boosting the token price to $0.76 in May 2021 after a 15,700% annual rise.

Musk’s decision to invest in Bitcoin (BTC) through his other company, Tesla, also resulted in the cryptocurrency increasing in value from around $39,000 in February 2021 to around $65,000 in April 2021.

Many market experts used his criticism of Bitcoin over its alarming carbon emissions as a tool in the aftermath of the legendary crypto 20 May 2021 meltdown.

Furthermore, Musk’s secrecy around his beloved dog, a Japanese breeder named Shiba Inu, aided in increasing the value of its moniker. The cryptocurrency, which trades under the SHIB ticker, had a 375% yearly return at the end of October.

More recently, another cryptocurrency named after Musk, Dogelon Mars, increased by more than 4,200% in October, demonstrating how the “Musk effect” affected the crypto markets.

StarLink, on the other hand, works as a separate crypto project with no relation to SpaceX satellites, according to its white paper.

It bills itself as a “distinct metaverse initiative,” with STARL serving as an official standard currency, allowing users to buy everything from games to virtual reality markets.

The most recent episode of the STARL acquisition raised its price but did not generate adequate pricing pressure.

The price of STARL reached a high in November, as seen in the chart below, but its relative strength index (RSI) has been dropping, resulting in a lower high. This echoes the previous bearish divergence caused by a lack of follow-up momentum.

As a result, STARL’s price may fluctuate in the coming sessions as its persistent parabolic support attempts to keep it from testing $0.00066 as a short-term objective downwards.

Holding above the indicated prices, however, may prompt STARL bulls to reconsider the token’s record near to $0,00087.

Leave a Comment

Your email address will not be published.