Shitcoins Sprout Like “Mushrooms After Rain” Following Elon Musk's Halloween Post

According to recent statistics, over 169 new dog-themed shitcoins have emerged following Elon Musk’s Halloween tweet, most of which have experienced significant declines.

A flurry of new “dog coins” appeared on 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 logo-themed shirt and placed next to a Halloween pumpkin also bearing the Twitter logo.

Musk’s post led to a near 30% surge in Dogecoin (DOGE), reaching a new peak at $0.158, the highest value since April 26, 2022. Since the end of October, DOGE has skyrocketed by 163%.

4-Hour Chart of the DOGE/USDT Pair on Binance at 04:50 PM on 01/11/2022

As reported by Coin68, this surge is attributed to Elon Musk’s recent completion of the Twitter acquisition deal at the end of October. The DOGE community hopes that Musk will integrate the cryptocurrency into Twitter, as the Tesla CEO has previously endorsed Dogecoin and allowed his company to accept DOGE payments.

In addition, according to security firm Peckshield, a plethora of “shitcoins” capitalizing on Musk’s tweet appeared on the afternoon of November 1st. Peckshield identified around 169 new projects with trend-following names such as HalloweenDoge, DogeTwitter, DogeElonClub, DogeX, etc. Most of these projects were created on Ethereum and BNB Chain, which recent reports indicate are the blockchains with the highest concentration of rug pull projects.

Most of these meme coins have seen sharp declines due to liquidity issues and low trading volumes, with 67 tokens experiencing price drops of over 90%, and 45 projects collapsing entirely.

Recently, the trend of shitcoins and meme coins has resurged, with not only Elon Musk but also other prominent figures like Ethereum founder Vitalik Buterin driving this wave.