Starbase gains 2000% as investors assume Elon Musk launched coin

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Cryptocurrency, Starbase (STAR) rapidly gained over 2000% soon after Elon Musk, the CEO of Tesla tweeted an image that captioned Starbase which is the logo of the SpaceX facility in Texas, United States of America.

Investors have assumed that this tweet is related to the cryptocurrency, Starbase (STAR), which has been trading since 2018. Investors still flock in to invest in this cryptocurrency, suggesting a pump and dump is bound to happen when they realize the tweet and the cryptocurrency are unrelated.

READ: How to protect your Crypto assets from thefts, hacks and frauds

The tweet was related to the Texas SpaceX factory which Elon had earlier suggested would be named “Starbase” on the 2nd of March, 2021.

Starbase (STAR) is a cryptocurrency and it operates on the Ethereum platform. It has a current supply of 1,000,000,000 with 187,500,000 in circulation. It is currently trading $0.13, up to over 2000% since the tweet, at the time of writing this article.

Investors have made similar mistakes in times past. Recently, investors pumped the price of Ethereum Classic (ETC), thinking they invested in Ethereum. This made ETC surge to a new all-time high of $176.16. The coin is currently trading at $91 (at the time of writing this report), down about 50% from its all-time high created on the 6th of May, 2021.