SpaceX Ignites On-Chain Frenzy: Namesake Meme Coin Surges 15-Fold, Is It Still Worth Buying Now?

TradingKey - On June 12, Elon Musk's aerospace company SpaceX (SPCX) completed the largest IPO in history on Nasdaq, with its market capitalization briefly surpassing $2 trillion, propelling Musk to the throne of the world's first "trillionaire." This feast of the century ignited a speculative frenzy in the crypto market, and SpaceX-themed meme coins have also been wildly sought after by crypto investors. However, are these types of MEME coins still worth investing in?

What is the SpaceX meme coin?

Before understanding SpaceX meme coins, we must first understand what meme coins are. Unlike Bitcoin ( BTC) or Ethereum ( ETH) which solve specific technological or payment problems, meme coins typically lack any substantive technological innovation or use cases at their inception. At their core, they function more as 'internet community cultural symbols' and 'high-risk speculative tools'.

Simply put, 'SpaceX meme coins' are a class of cryptocurrencies created using blockchain technology by crypto institutions or retail investors, capitalizing on the hype surrounding Elon Musk's space company, SpaceX, and its potential Nasdaq initial public offering (IPO). It must be emphasized that these tokens have no direct relationship with SpaceX, let alone any authorization from the company.

Are SpaceX meme coins and SpaceX tokens the same?

In the cryptocurrency market, although both "SpaceX meme coins" and "SpaceX tokens" share "SpaceX" in their names, they are two entirely different concepts. The key differences lie in their fundamental nature, asset backing, pricing, and risk levels, as detailed below:

How is the SpaceX meme coin performing?

Currently, the cryptocurrency market has seen the emergence of numerous SpaceX-themed meme coins, such as SPCX69, SpaceXCoin, SPACEX4200, Paimon SpaceX SPV Token, SPACEX IPO, and SpaceX. These are primarily built on public blockchains like Ethereum and Solana.

SPACEX4200 is the earliest and most widely known SpaceX meme coin, but its current market capitalization is less than $300,000, with fewer than 2,000 holders. SPCX69 incorporated Musk's favorite number '69' as a community meme. This token once surged over 15-fold on the day of SpaceX's listing, attracting a large number of retail crypto investors who were unable to purchase the stock immediately at the U.S. market open. Currently, its liquidity is also only around $100,000. Most other tokens are in even worse shape, with market capitalizations of only a few thousand to tens of thousands of dollars and liquidity that has nearly dried up, rendering them essentially dead projects.

Is the SpaceX meme coin still a buy?

Despite the massive hype surrounding SpaceX and its soaring stock price hitting record highs, on-chain SpaceX-related meme coins are still not recommended for conservative investors. There are two primary reasons: (1) Materialization of positive news: Now that the actual protagonist has already established a presence in traditional finance, these opportunistic, worthless on-chain meme coins have lost the room to spin further narratives, causing capital to flee rapidly. (2) Extremely poor liquidity: The liquidity of many tokens has dwindled to just tens of thousands or even thousands of dollars. If just one or two whales (early market makers) decide to take profits and dump their holdings, the token price could instantly plummet by over 90%.

Compared to the aforementioned meme coins, the established meme coin Dogecoin ( DOGE) may be a better choice because of its massive market capitalization and deep liquidity. More importantly, SpaceX's 'DOGE-1' moon mission is scheduled to send Dogecoin to the moon in 2027, which could potentially boost its price at that time.