Tokenized Tesla contracts jump as Elon Musk unveils rocket powered Roadster

Traders surged into crypto markets overnight after Chief Executive Elon Musk demonstrated a prototype of the Tesla Roadster that uses SpaceX thruster technology. According to CoinDesk, volume in the Tesla perpetual contract on the Hyperliquid exchange spiked to 47 million dollars in one hour following the event, up from 2.8 million dollars, while traditional United States stock markets were closed. [3]

The Crypto Times and CoinDesk both report that the perpetual price of tokenized Tesla equities rallied roughly 5 percent on Hyperliquid after the demonstration. The surge highlights how 24-hour cryptocurrency markets act as an early venue for investors reacting to corporate news outside standard equity trading hours, CoinDesk reported. [2][3]

The livestreamed demonstration occurred on October 15 at a SpaceX test site located in Texas, Decrypt reported. During the event, the vehicle drove up an upside-down ramp, flipped in midair, and landed on SpaceX thrusters, according to Decrypt. The car also hopped over a row of Tesla vehicles that included a Semi truck. [1]

A flying car functions as both a road vehicle and an aircraft, though vertical take-off and landing projects have not yet been manufactured in significant quantities. Decrypt reported that the rocket-powered version of the Tesla Roadster is invite-only, is not approved for public roads, and is not scheduled for release until 2028. [1][9]