SpaceX Founder and CEO Elon Musk has long been an advocate of cryptocurrencies, but none of the companies he runs, including Tesla, SpaceX and The Boring Company, have issued official cryptocurrencies. Musk’s affinity for cryptocurrencies is well known, and he has spoken at length about various investments in digital assets In addition to Musk’s personal investments in the sector, both Tesla and SpaceX also hold large amounts of Bitcoin.
Despite owning Bitcoin, Musk recently criticized the world’s largest cryptocurrency for its negative impact on the environment. The Doge meme currency is also a favorite, with Tesla even accepting the currency as payment for official goods on the company’s website. More recently, Tesla also announced that it would accept Dogecoin as payment at Supercharging stations, further establishing the company’s crypto credentials.
Given Musk’s public support for cryptocurrencies, it stands to reason that some might believe that Musk or one of his companies has an official cryptocurrency. However, this is not the case. While neither Musk nor any of the companies have an official cryptocurrency, there are several digital tokens called SpaceX, Starlink, Musk, and Tesla. To be clear, none of them have anything to do with the billionaire entrepreneur or the companies he is associated with. Instead, they are all part of the so-called ‘MuskSwap’ Ecosystem, which is operated by self-styled Musk fans who claim to be interested in and support Elon Musk’s space projects. Bitcoinist Last year, MuskSwap is a DeFi platform built on Binance Smart Chain and offers the best features of other DeFi projects like Uniswap, Sushiswap, 1inch and Pancakeswap while removing their drawbacks.
Not only are all the Musk-themed cryptocurrencies mentioned above from the same source, but they have had similar fortunes in the market. All of them are currently trading below the 1 cent mark. While the SpaceX token launched at around 60 cents. , is currently languishing at around $0.005914, according to Nomicso which represents a 99% drop in value. There is also a Teslacoin that is not affiliated with Tesla and Elon Musk. It is currently trading at around $0.000457 and is also best avoided as an investment.
For those looking to enter the cryptocurrency market, SpaceX would be a risky investment. Buyers would do well to stay away from it, especially with the rapid increase in cryptocurrency scams. Not just SpaceX, but Tesla, Musk, Starlink, and Teslacoin are also likely risky investments that should be avoided for now. That’s not to say they’re scams and/or have no future, it’s just the risk-reward ratio with tokens like these being on the higher side, and most crypto investors would likely have no appetite for such a risk.