Cryptocurrency Starbase (STAR) rapidly gained over 6000% soon after Tesla CEO, Elon Musk, tweeted an image of Starbase’s launch site, a testing facility for SpaceX rockets in the United States, Texas. Meanwhile, Starbase (STAR) token which has been trading since 2018 is entirely distinct from Musk’s Starbase, Texas.

STAR Token Pumps After Elon Musk Tweet

Starbase (STAR) is an Ethereum-based cryptocurrency with a current supply of 1,000,000,000 with 208,640,244 in circulation. Representing a blockchain token-based crowdfunding/sourcing platform, the Starbase platform enables startups to raise funds by issuing tokens.

The price of the token has retraced by more than 80% since yesterday’s high of $0.22 and currently trading at $0.05.

The entire pump and dump happened because of a photo Elon Musk posted on Twitter, even though that got nothing to do with the actual STAR token.

The team behind the Starbase project even went far as to comment on the post, thanking Musk “for the photo.”

Hey, @elonmusk thank you for the photo!

We love the sign!

Past the moon, to the Stars and beyond!

— Starbase (@StarbaseCo) May 18, 2021

Dave Portnoy Buys $40,000 Worth SafeMoon

Dave Portnoy, the founder of Barstool Sports, said he has bought $40,000 worth of SafeMoon after deciding to invest in “the new breed of s*** coins.” Among them were SafeMoon, Shiba Inu, LiteCoin, and DogeCoin.

Portnoy said he made the investment as he wanted to diversify his portfolio away from Bitcoin, adding Elon Musk had been “pulling levers” and causing the price of Dogecoin and Bitcoin to change.

Thank you to the 1.5 million people who watched this video and the #SAFEMOONARMY who made #SAFEMOON trend all day. I’m humbled to be part of whatever it is I’m part of. Hopefully the #Crypto community can come together. Love not peace. Remember we are all magic coins. https://t.co/XkuVGKcy1f

— Dave Portnoy (@stoolpresidente) May 18, 2021

SafeMoon is currently trading with a market cap of $3 billion.

He did warn speculators to “invest at their own risk.” and cautioned that SAFEMOON could be a Ponzi scheme since investors are dependent on new investors buying more of the digital asset to increase their investment.

SafeMoon is a unique type of cryptocurrency that imposes a penalty on anyone who tries to trade their coins. For instance, the cryptocurrency charges a 10% fee to anyone who sells their tokens. Out of this, 5% is then redistributed to other SafeMoon owners.