SpaceX crypto copycat tokens, not affiliated with the company, have soared past 5824% after SpaceX’s successful Starship test launch on Sunday.

On Oct. 14, prices for cryptocurrency tokens SpaceX and StarShip, have been taking off in the wake of SpaceX‘s newest megarocket Starship launch, passing its test flight last Sunday.

Although these tokens are not affiliated with Elon Musk‘s space technology company, the launch of the enormous rocket that made headlines was enough to boost the prices of these copycat tokens on different platforms.

According to data on CoinMarketCap, the PancakeSwap-powered token SPACEX saw its price skyrocket by 5824% in the past 24 hours of trading. SPACEX’s market cap currently stands at $80,800 and is selling at $0.012192 at the time of writing.

Meanwhile another token with the same name, the Solana(SOL)-powered SpaceX, soared 216% in the last 24 hours, according to CoinMarketCap. At the time of writing, the token has since plummeted to 84.56%. Despite this drop, it has maintained a market cap of $16,400.

An NFT-game token that bears the same name as SpaceX’s newly launched megarocket, StarShip, also saw a brief blast-off in its price by 0,9% after the launch according to on CoinGecko. StarShip’s price now stands at $0.0215 with a market cap of $404,251.

Another token dedicated to the spaceship was also created on the Ethereum(ETH) blockchain according to CoinMarketCap, but the platforms have yet to track the token’s price fluctuations.

Based on a report from Associated Press, the 400-feet-tall Starship rocket blasted off on Oct. 13 at sunrise near the Mexican border. The rocket arced over the Gulf of Mexico, following a similar pattern as the four previous Starships that ended up being destroyed. Though, this Starship did not share that fate.

Upon returning to launch base, the rocket was successfully caught by the launch tower’s metal arms, dubbed chopsticks.

Chief Executive Officer and Chief Technology Officer of SpaceX, Elon Musk, said in an X post that the megarocket was designed with a booster that can go into reflight within an hour after its launch.

“The booster returns within ~5 minutes, so the remaining time is reloading propellant and placing a ship on top of the booster,” explained Musk.

Elon Musk has been known for his influence in the crypto sphere, despite not creating any official tokens himself. He has been an avid champion of Dogecoin, with the billionaire even supporting a space mission funded by the cryptocurrency Dogecoin that got delayed last year.

His brief posts on X have inspired double-digit gains for Bitcoin, Dogecoin, and SHIBA INU on multiple occasions.

On April 8, multiple deepfake videos of Musk scammed viewers into taking part in fake Space X giveaways on YouTube, disguised as live streams centered around the solar eclipse that was happening at that time.

Japanese investment firm Metaplanet has bought $6.7 million worth of Bitcoin, adding 108.99 BTC to their expanding cryptocurrency reserves.

On Oct. 11, Metaplanet invested ¥1 billion or equal to $6.7 million in Bitcoin(BTC) reserves. This brings the company’s holdings in cryptocurrency to 748.50 BTC, which is currently valued at $45.65 million.

This marks the Tokyo-based hotel operator turned investment firm’s third ¥1 billion investment into their Bitcoin holdings since the start of this month. Previously, the firm purchased 108.786 BTC on Oct. 7, which brought their total Bitcoin reserves to 639.50 BTC or $40.54 million based on the market prices at the time of purchase.

H.C. Wainwright has initiated coverage on Galaxy Digital Holdings stock, offering a Buy rating and a price target of C$24.

Analyst Mike Colonnese states that the U.S.-based digital asset-focused financial services firm’s shares offer the diversified exposure investors seek when looking for new positions.

Galaxy’s business also suggests several near-term catalysts, including fundamental growth amid cryptocurrency’s impending 2025 bull market. The current price of GLXY stock does not yet reflect that a bull market has fully been priced in, the analyst noted.

Analyst forecasts 36% upside for Galaxy stock

Also bullish for the company are factors such as institutional adoption, regulatory clarity in the United States, and a Nasdaq uplisting, likely to come in 2025.

In this case, H.C. Wainwright sees 36% upside for the stock, with price at the time hovering around C$17.63.

Colonnese also highlights that Galaxy Digital shares have historically outperformed crypto prices during bull markets. This outlook on the four-year price cycle across the digital assets market shows GLXY having approximately 70% year-to-date return in 2024, compared to about 50% for Bitcoin (BTC).

“We believe we are just in the third inning of the current bull market,” the analyst noted, adding that they expect BTC and other crypto assets to rally sharply in Q4 2024 and run at least until Q4 2025.

Founded in 2018, Galaxy Digital offers a full suite of digital asset services and products across global markets, including asset management and digital infrastructure solutions. The latter includes BTC mining and network validator services.

In a recent update, Galaxy noted it expects digital assets to grow from the current $2.3 trillion market amid rapid adoption.