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HomeCrypto AnalysisElon Musk's tweet sparks an outburst from Twitter-Themed Dogecoin Tokens

Elon Musk’s tweet sparks an outburst from Twitter-Themed Dogecoin Tokens

A new category of symbols inspired by Shiba Inu was born in BNB Chain and Ethereum on Tuesday after a related tweet by tech billionaire Elon Musk.

Names such as “babyDogeTwitter”, “dogenaldtrump”, “SpaceTwitterDoge” and “elonDogeTwit” populated the two series of blocks after Musk tweeted a photo of a Shiba Eno dog wearing a shirt on Twitter in front of the classic Halloween pumpkin

Blockchain security company PeckShield said in a tweet that more than 67 of these codes fell 90% in the hours following their release, with 45 codes dropping 100%. This has cumulatively led to losses of thousands of dollars among investors who chased newly released codes in the hope of long-term price hikes.

More than 42 distinctive codes were singled out by PeckShield as honeypots, a term that describes illicit icons that change permissions on crypto wallets for unsuspecting users, with the aim of moving all their encryption codes from those wallets to one controlled by the fraudster.

Musk’s tweet also sparked a march in dogecoin, which has jumped more than 14 cents to earn more than 23% in the past 24 hours. Floki Inu, another symbol under the title Shiba Inu, also rose in similar character, while Shiba Inu’s SHIB codes jumped 8%.

Dogecoin has been on the run since Musk confirmed his Twitter acquisition last week, with token futures raising more than $90 in qualifying over the weekend in an unusual move. DOGE doubled in price in October, the best performance among 150 digital assets in the CoinDesk market index.

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