Copycat Cryptocurrencies Named After SpaceX Surge After Successful Test Launch of Elon Musk's Starship

The coins that are not affiliated with Musk's aerospace firm, SpaceX, garnered massive price spikes across the platform from the attention gained

A slew of copycat cryptocurrencies named after Elon Musk's Starship rocket surged in value on Friday after the successful test launch of the next-generation vehicle from SpaceX.

The coins, which are not affiliated with Musk's aerospace firm, garnered massive price spikes across the platform from the attention gained during the launch.

Perhaps the biggest winner was SPACEX, a token based on PancakeSwap that went up by a whopping 5,824% in 24 hours. Its price rose to $0.012192, leading to a market cap of $80,800.

Another token named after SpaceX, one that is based on the Solana (SOL) blockchain, also increased in value, going up 216% at its peak at the time of writing, all while maintaining a market cap of $16,400.

On the flip side, an NFT gaming token named StarShip after SpaceX's newly launched rocket soared 0.9% before leveling at $0.0215 with a market cap of $404,251. Another Ethereum (ETH) blockchain-based token themed after the Starship rocket was made but not tracked on major platforms regarding its price moves.

The actual Starship launch by SpaceX has been a technological mile-marker. The 400-foot-tall rocket launched near the Mexican border and curved over the Gulf of Mexico. This flight proved to be better than previous ones since the rocket was caught upon return by the “chopsticks” arms of the launch tower, rather than ending in an inferno like its predecessors.

While these tokens may be riding on the coattails of Musk's endeavors in space, the crypto community at large has shown to be easily swayed by the billionaire's words and actions.

Musk, who is also a self-proclaimed “Dogefather,” has injected life back into meme coins like DOGE and SHIB INU with his social media presence, impacting their prices in the past.

After the Starship flight, Musk said that the booster part of the rocket could be ready to launch in as little a time as an hour. “The booster returns within 5 minutes, so the remaining time will be for reloading propellant and placing a ship on top,” he explained.

As Musk continues to be a prominent figure in the crypto world, his name has also been used by scammers for malicious purposes.

In April, an influx of deepfake videos of Musk appeared on YouTube, promoting bogus SpaceX giveaways, which coincided with a solar eclipse on the same day.

These scams represent a dangerous aspect of the crypto market in general, further emphasizing the risks when it comes to public figures whose influence garners both real and false interest.