StarLink Token Enjoys the Limelight in Musk-Related Bump

There is no denying Elon Musk’s ability to influence the cryptocurrency markets. If there were any doubts, an emerging cryptocurrency called StarLink has erased them.

StarLink is a play on the metaverse, or Web 3.0, and does not mention the tech billionaire or his company SpaceX in the whitepaper. Instead they are focused on building “a virtual world that will exist as a space to host data and ideas within the blockchain,” one that has had its sights set on astronaut NFTs and virtual reality even before Facebook changed its name to Meta.

The StarLink (STARL) token, which is ranked No. 236 on CoinMarketCap, has enough in common with Musk’s rocket company SpaceX for investors to flock to it during times of heightened activity. StarLink the token shares a name with a SpaceX division and satellites called Starlink. Musk’s company has been busy lately launching these satellites into space. Whether or not StarLink the token intended to ride on Musk’s coattails, it is benefiting from the attention.

Starlink Mission

SpaceX launched more than 50 satellites “with laser inter-satellite links” into space on Saturday in a Starlink mission launch. The satellite mission was supposed to launch on Nov. 12 but due to weather was postponed until the following day. All of the Starlink mentions boded well for the metaverse-themed crypto.

 

One of the most beautiful shots of a Starlink mission launch ever!

(Credit: Official SpaceX Photos) pic.twitter.com/6FUeNq57Ek

— Universal-Sci (@universal_sci) November 14, 2021

The StarLink price is up 8% in the last 24 hours to $0.00006737 on trading volume of $201 million, far outpacing volume on Nov. 12 of below $20 million. On Nov. 15, StarLink’s volume even outpaced that of the UniSwap DeFi token. Since Friday, STARL has seen its market cap expand by more than 70% to $672 million. The StarLink price surged to a high of $0.00007278 on Nov. 14 and has since retreated from that lofty level.

 

Daily volume of $STARL overpassed $UNI
Coin of the future, not only day pic.twitter.com/cZduH402yG

— Woof Decentra (@woof_decentra) November 15, 2021

 

Meme Coin Rush

Musk is known for his support of Dogecoin, the original meme coin. He also inspired the creation of another meme coin called Floki Inu, which was created after Musk announced on Twitter that his Shiba Inu would be named Floki. Shiba Inu is the name of a Japanese breed of dogs and it is the Dogecoin mascot, not to mention the name of yet another meme coin.

2021 will likely be remembered as the year of the meme coin, not least because of Musk.