StarLink, a cryptocurrency that shares a name with SpaceX’s Starlink, surged over 100% in 72 hours following the launch of Starlink satellites on Saturday.
STARL jumped 13.7% on Saturday, the day the satellites were launched, and 69% and 27% on Sunday, and Monday, respectively. STARL, the native StarLink token, allows users to buy virtual assets.
Speculators reportedly bought the crypto, anticipating gains in the launch and the company’s popularity behind it. StarLink reportedly has no connection with SpaceX’s but claims to be a decentralized metaverse project.
The surge in STARL has not gotten enough price momentum. The RSI indicator is sloping downwards, showing a bearish divergence. STARL could still correct downwards as a result.
Dogecoin, Shiba Inu, and Bitcoin are some of the cryptocurrencies that have surged after Elon Musk tweeted or invested in them. Bitcoin surged to around $65,000 from $39,000 in February when Tesla invested in the crypto.