Elon Musk’s Tweet has Once Again Pumped Prices of Meme Coins

Starlink is a new service introduced by Elon Musk a few months back which is a satellite-based internet service provider with speeds out of this world and has already enjoyed tons of sales around the globe. Elon Musk is known to use his influence from time to time with his tweets to bend the crypto market to his advantage. He was a firm contender and believer of Bitcoin, but the recent mid-May crash and the excessive use of non-renewable fossil fuels for Bitcoin mining and its adverse effects on our environment has made Elon Musk split ways with Bitcoin.

After that, Musk has been advocating and focusing his attention on Dogecoin only. He has made several attempts and used his influence time and again to make the price of crypto reach a whole dollar, but that couldn’t happen. After this, Musk also announced that whenever a rocket of SpaceX travels to outer space, the meme coin will be sent along with it.

Unpopular Cryptocurrencies have also Gained Traction

This rocket was carrying 53 Starlink satellites which would have to be put into orbit. Musk tweeted the whole thing and used ‘Starlink’ in his tweet; little did he know that he was ironically going to influence the price of StarLink, crypto. This whole thing worked out pretty great for StarLink, a cryptocurrency being associated with the same name as the satellite-backed internet service Starlink by Elon Musk. According to the data collected by CoinMarketCap, the price of this specific cryptocurrency being associated with the same name as the satellite Internet service of Elon Musk saw a whopping increase of 115%.

This is your classic Musk effect at its peak, but according to some, this thing might have gone too far this time around. Because Starlink Internet and StarLink the crypto are basically two different entities and Musk tweeting about his own thing resulted in such an immense increase in the price of StarLink crypto. This confirms that people have placed bots looking for data actively from Elon Musk’s tweets regarding anything and everything related to the crypto market, even if it is not talked about in a direct sense. This provides investors with a viable dataset before their screens, and they unintentionally go for it because it is Elon Musk tweeting about it, so why not.

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