Elon Musk Tweets About Starbase: Shortly After, Starbase Token (STAR) Soars 6000%
The cryptocurrency market continues to baffle. More specifically – everything that Elon Musk tweets about, regardless of whether it actually has any relation to cryptocurrencies – seems to have an impact.
The case in point is a cryptocurrency called Starbase Token, carrying the STAR ticker.
According to the project’s official website, it represents a “blockchain token-based crowdfunding/sourcing platform.” In essence, it’s a place where startups can raise funds by issuing tokens.
Its native token, which was trading at around $0.002 at the beginning of May, reached a price of $0.30 today, according to DEXTools.
From today’s low to today’s high, the price increased by a total of 6,000% before retracing to its current levels.
This entire pump was because of a photo data Elon Musk posted on Twitter.
For context, this has absolutely nothing to do with the Starbase token. Starbase is where the SpaceX launch facility is located – it’s in Boca Chica Village in Cameron County, Texas.
Apparently, the team behind the cryptocurrency even went so far as to comment on the post, thanking Musk “for the photo.”
In any case, the price of the token has retraced by more than 80% since today’s high, showing exactly how risky it can be to buy altcoins with questionable merit behind them.