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An altcoin called starlink rallied as Elon Musk’s company launched 53 internet satellites into orbit

Illustration of SpaceX's Starlink network of satellites.
Illustration of SpaceX’s Starlink network of satellites.

  • An altcoin called starlink rallied a day after Elon Musk’s SpaceX launched 53 additional internet satellites into orbit.
  • The price of the coin peaked at a record high on November 14, reflecting a 117% rise from November 13.
  • There are now more than 1,600 Starlink satellites in orbit, since the first two prototypes were launched in 2018.
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An altcoin called starlink rallied over the weekend, a day after Elon Musk’s SpaceX launched 53 additional internet satellites into orbit.

The price of the coin, whose ticker is starl, peaked at a record high of $0.00008325 on November 14, Sunday, reflecting a 117% rise from November 13, according to CoinMarketCap data. Starlink now ranks 236 with a market capitalization of $682 million.

According to its white paper, the coin aims to be “used as the medium of exchange within the metaverse.” It had a stealth launch with no pre-sale or announcement that indicate when it began trading. However, data on crypto trackers such as CoinMarketCap and CoinGecko indicate it may have started trading around July 2021.

On Saturday, SpaceX launched 53 Starlink satellites into orbit from Cape Canaveral Space Force Station in Florida. There are now more than 1,600 Starlink satellites in orbit, since the first two prototypes were launched in 2018.

Starlink, which beams internet from satellites in orbit to users’ dishes on the ground, has been rapidly growing its subscriber base. SpaceX has said it aims to launch 42,000 Starlink satellites into orbit by mid-2027.

There is no apparent connection between the altcoin and the satellite launch other than their shared name. But the rally in the token further solidifies the unparalleled influence of Musk, the richest person in the world, on anything and everything.

This phenomenon, often called the Musk Effect, has been reinforced several times. Notable instances included how he moved the prices of GameStop, Etsy, dogecoin, shiba inu, and of course, Tesla, among many others, all via Twitter.

Just last week, a new Lorde Edge coin began trading after Musk began using that name on his Twitter account. The price hit a high of $0.00002954, representing an 825% surge from the opening price, according to data from CoinMarketCap.

Read the original article on Business Insider

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