‘Musk effect’ sees crypto named after SpaceX’s Starlink satellites gain over 140% in 3 days

‘Musk effect’ sees crypto named after SpaceX’s Starlink satellites gain over 140% in 3 days


In a bizarre event, a cryptocurrency with the same name as SpaceX’s satellite range Starlink jumped over 140% as Elon Musk’s space technology company launched 53 of them into the Earth’s lower orbit.

Watch Falcon 9 launch 53 Starlink satellites to orbit → https://t.co/bJFjLCzWdK https://t.co/dgHuF6SIZ4

— SpaceX (@SpaceX) November 13, 2021

Written as StarLink (STARL), the little-known crypto rallied 13.70% on Nov. 13 — the day of the satellite launch, another 69% a day after it, and by up to 27% on Nov. 15. The massive upside move brought STARL’s net returns on investment by a little over 140% in just less than three days, data from the OKEx exchange shows.

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STARL/USDT daily price chart. Source: TradingViewSTARL comes under the “Musk effect”

The name alone acted as a common denominator

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