Coincidentally, StarLink shares the same name as the satellite Internet constellation Starlink, supported by Elon Musk. In the midst of a busy week, SpaceX launched its second rocket that included a stack of 53 Starlink satellites into orbit on November 11th. That was enough for STARL to witness a massive 115% gain in just four days of launch. According to CoinMarketCap, the price went from $0.00003724 to $0.00008.
Decoy effect, went too far?
Even with the hype weakening and getting close to the $0.000062 press time price, STARL was still more than 13% higher than the day before. Surprisingly, StarLink, ranked 229 by market value, is not only a lesser-known crypto-active, but it also has no connection with Elon Musk.
Crypto StarLink and SpaceX’s Starlink internet project are two completely different entities. Despite the similarity in nomenclature, Musk had nothing to do with the cryptocurrency. In fact, there was no tweet or any social speech from Technoking itself about the asset.
But that common denominator was still enough to demonstrate the influence of Musk in the cryptocurrency market.
His hold on meme coins may have weakened, but the richest man on the planet still has considerable control of the movement of the unpopular coin market. While it’s too early to say whether StarLink, the cryptocurrency, will eventually become sacrosanct as Dogecoin (DOGE), it’s worth bearing in mind that both have a similar origin story.
One was tossed as a play coin, the other was accidentally tossed by the LEASH implementer, which then turned into a community-owned project.
What’s in the name?
This is not the first time that Decoy Effect litigation has induced a sporadic recovery of an asset. The Starbase Token (STAR) also shot because the billionaire tweeted a photo with SpaceX’s launch facility, also called the Starbase.
As a result, the token pumped 6,000%. The uptrend was short-lived however, as STAR noticed a big sell almost immediately. Somewhat to be expected, the Starbase token and the Starbase facility, located in the village of Boca Chica in Cameron County, Texas, had nothing to do with each other.
Source: Crypto Potato