Shitcoins Mushroom Like “Mushrooms After Rain” Following Elon Musk's Halloween Post
Statistics reveal that over 169 new dog-themed shitcoins have emerged following Elon Musk’s Halloween tweet, with most of them experiencing significant declines.
Shitcoins Mushroom Like “Mushrooms After Rain” Following Elon Musk's Halloween Post
A wave of new "dog coins" surfaced on the afternoon of November 1st, following a Twitter post by billionaire Elon Musk.
Specifically, on the afternoon of November 1st (Vietnam time), the world’s richest man posted a photo of his Shiba Inu dog, Floki, wearing a Twitter-branded sweater next to a Halloween pumpkin also marked with the Twitter logo.
Musk's tweet led to a nearly 30% surge in the price of Dogecoin (DOGE), reaching a new high of $0.158—its highest value since April 26, 2022. From the end of October to now, DOGE has skyrocketed by 163%.
4H Chart of DOGE/USDT on Binance at 04:50 PM on November 1, 2022
As previously reported by Coin68, this price action was fueled by Elon Musk's recent completion of the Twitter acquisition deal at the end of October. The DOGE community anticipates that Musk will integrate the cryptocurrency into Twitter, given his past promotion of Dogecoin and Tesla’s acceptance of DOGE payments.
#PeckShieldAlert PeckShield has detected ～169 #DOGE contracts newly created on Ethereum and BSC. ~67 tokens' price dropped more than -90% (~45 tokens' price dropped -100%), 42 out of them appear to be #honeypot #Dogeween👻🎃 https://t.co/ZgUW6JJpIU pic.twitter.com/kUMFs73nu0
— PeckShieldAlert (@PeckShieldAlert) November 1, 2022
Moreover, according to security firm PeckShield, a multitude of new "shitcoins" capitalizing on the tweet have appeared today. PeckShield identified around 169 projects with trend-driven names like HalloweenDoge, DogeTwitter, DogeElonClub, and DogeX. Most of these projects were created on Ethereum and BNB Chain, consistent with recent reports indicating that these blockchains are hotspots for rug pulls.
The majority of these memecoins saw severe drops due to liquidity issues and trading volume dumps by the creators. Of these, 67 tokens experienced price drops of over 90%, while 45 projects were completely dumped.
Recently, the trend of shitcoins and memecoins has resurged, with not only Elon Musk but also Ethereum founder Vitalik Buterin making headlines in this space.
