Altcoins
bt-crow.com
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A new class of Shiba Inu-inspired tokens appeared on the BNB and Ethereum network on Tuesday, November 1, as announced by billionaire Elon Musk
Tokens such as “BabyDogeTwitter”, “dogenaldtrump”, “SpaceTwitterDoge” and “ElonDogeTwit” populated two blockchains after Musk posted on social media an image of a Shiba Inu dog wearing a Twitter T-shirt in front of a classic Halloween pumpkin with the platform’s logo cut out.
Blockchain security firm PeckShield reported today that more than 67 of these tokens dropped 90% in value within hours of their release, and 45 tokens dropped 100%. Together, this led to thousands of dollars in losses among investors who invested in newly issued tokens in the hope of a long-term appreciation.
More than 42 tokens have been flagged as “honeypots” by PeckShield, a term describing illegal tokens that change permissions on unsuspecting users’ crypto wallets in order to eventually withdraw their tokens.
Musk’s tweet also sparked a rally in dogecoin, which jumped 14 cents and gained more than 23% in the last 24 hours. Floki Inu, another Shiba Inu-themed token, also rose by a similar amount, while SHIB tokens jumped 8%.
This irrational exuberance comes amid a relatively stable crypto market, with Bitcoin and Ethereum nominally up over the past 24 hours.
Musk has been a vocal supporter of DOGE, which has become an expression of his sentiments. The entrepreneur’s statements about the token also constantly influenced its rate.
Dogecoin has been on the move since Musk confirmed his takeover of Twitter last week, with futures for the token up over $90 over the weekend in a liquidation in an unusual move.
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