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

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

    Author: George Georgiev

    Last Updated May 18, 2021 @ 14:05

    Following a picture of Tesla’s Starbase posted on Twitter by Elon Musk, Starbase Token (STAR) pumped 6000% and crashed almost immediately.

    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. The 24-hour volume, at the time of this writing, sits at $3.7 million.
    • From today’s low to today’s high, the price increased by a total of 6,000% before retracing to its current levels.
    starusd_chart
    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.
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    Tags: Elon Musk
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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