Elon Musk-Referencing Cryptocurrencies Surge After SpaceX Starship Rocket's Historic Engineering Feat

Solana SOL/USD-based coin, SpaceX, popped 216% in the last 24 hours, according to CoinMarketCap. The coin, which traded on the decentralized exchange (DEX) Raydium

Solana (SOL) based coin, named after Elon Musk’s space transportation company, surged over 216% in the last 24 hours.

What Happened: The coin, which is available for trading on decentralized exchange (DEX) Raydium, saw its market cap soar to $330,860, as of press time, according to CoinMarketCap.

Another coin of the same name on BNB Chain (BNB) based DEX PancakeSwap saw a mind-boggling surge of 5,824%.

Note that the aforementioned coins are not affiliated with the company or approved by Musk, but they capitalize on the hype around the brand.

Most of these cryptocurrencies have very low liquidity and are not traded on major centralized cryptocurrency exchanges like Binance.

See More: Anthony Scaramucci Praises Trump For Shifting The Crypto Debate: ‘He’s Now Forced The Democrats To Come Back Into The Middle’

Why It Matters: The rally follows a landmark achievement by the company on Sunday, with its Starship rocket completing its fifth major test flight, including a first-of-its-kind “catch” of the booster back at the launch tower.

The successful recovery of Starship’s booster after launch is a pivotal step for SpaceX as it prepares the rocket for commercial operations.

The vehicle is also set to play a key role in Musk’s ambitious plans of sending humans to the Moon and Mars.

The engineering milestone comes just three days after one of Musk’s tech companies, Tesla, unveiled its dedicated two-seater robotaxi product, Cybercab.