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Starbase token jumps 6000 percent after Elon Musk’s unrelated tweet

If anyone was still looking for more proof of Elon Musk’s monolithic authority in the cryptoverse, you’re in luck today.

The Tesla and SpaceX CEO earlier today tweeted an image captioned “Starbase”. Starbase is where the SpaceX launch facility is located – it’s in Boca Chica Village in Cameron County, Texas.

This tweet, however, sent a totally unrelated token, which is coincidentally named Starbase (STAR) soaring over the clouds as investors assumed it belonged to the acclaimed Technoking of Tesla. 

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.

Starbase token, which was trading at around $0.002 at the beginning of May, reached a price of $0.30 today before a rapid dump began as investors realized it had nothing to do with Elon. Its 24-hour price range today went as high as 6000 percent before the dump, according to DEXTools.

Starbase token jumps 6000 percent after Elon Musk's unrelated tweet

Starbase has tweeted eight times this month, and half of those have been this morning in the midst of the Musk-fueled boom.

This has become further proof of Musk’s unquestionable influence in the crypto space. Earlier this week, bitcoin dropped to levels not seen since February after the Tesla boss hinted he might have sold his company’s bitcoin holdings.

The largest cryptocurrency then gained 7 percent after he clarified that he hadn’t taken any such action. Bitcoin is however still embattled by doubts from investors as it has stayed below $46,000 ever since Musk’s tweets.

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