Cryptocurrencies referencing Elon Musk's SpaceX and its Starship rocket surged after the space transportation giant's historic engineering feat Sunday.
What happened: Solana SOL/USD-based coin, SpaceX, popped 216% in the last 24 hours, according to CoinMarketCap. The coin, which traded on the decentralized exchange (DEX) Raydium, saw its market valuation soar to $330,860.
Another coin of the same name on BNB Chain BNB/USD-based DEX PancakeSwap CAKE exploded by a whopping 5824%.
Note that the aforementioned coins are not affiliated with the company or approved by Musk; rather, they attempt to capitalize on the hype around the brand.
Additionally, most of these cryptocurrencies have very low liquidity and are not traded on major centralized cryptocurrency exchanges like Binance.
Why It Matters: The rally followed a landmark achievement by the company after its Starship rocket successfully completed its fifth major test flight, including a first-of-its-kind "catch" of the booster back at the launch tower.
The recovery of Starship’s booster after launch is a pivotal step for SpaceX as it gears up the rocket for commercial operations. The vehicle plays a key role in CEO Musk‘s ambitious plans of sending humans to the moon and Mars.
The engineering milestone came just three days after one of Musk's tech companies, Tesla, unveiled its dedicated two-seater robotaxi product, Cybercab.
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