Elon Musk Tweets About Starbase: Shortly After, Starbase Token (STAR) Soars 6000%

By George Georgiev

starusd_chart

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.

Star/USD. Source: DEXTools

  • This entire pump was because of a photo data Elon Musk posted on Twitter.

pic.twitter.com/13m1KHFMjv

— Elon Musk (@elonmusk) May 18, 2021

  • 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.