News hardware Crypto: Elon Musk causes 169 shitcoins avalanche due to a tweet
Immediately after completing the acquisition of the Twitter network, Elon Musk already begins to have fun with his tweets in reference to cryptocurrencies … On Tuesday, November 1, the new Twitter boss publishes a tweet that has had an avalanche effect, causing the creation of 169 cryptocurrencies, among others.
Elon Musk unleashes a frenzy in the cryptocurrency industry
A few days after completing the Twitter purchase and being named “Chief Twit,” Tesla CEO posted a tweet featuring a picture of a dog wearing a Twitter logo T-shirt and a pumpkin.
With these elements, one wonders why the crypto sphere is so excited about a little Halloween reference?
The American billionaire has long enjoyed communicating regularly on Twitter about his favorite cryptocurrency: Dogecoin (DOGE). These various interventions are often the subject of a disproportionate reaction in the cryptocurrency markets. In fact, DOGE cryptocurrency prices generally go on a rollercoaster after Elon Musk’s statements.
In the wake of his recent Twitter acquisition, there is a strong possibility that this trend will be exacerbated, as the reaction to his latest tweet demonstrates …
Elon Musk provokes the creation of 169 shitcoins following a simple tweet
In the wake of the Tweet, in the first place, the Doge’s course exploded, but that’s not all…. With his intervention, Elon Musk gave birth to 169 cryptocurrencies without even knowing it.
In fact, the references featured in the photo have allowed a slew of shrewd individuals to surf the trend by creating various cryptocurrencies, alluding to Twitter, DOGE or even Halloween. In total, PeckShieldAlert has no less than 169 cryptocurrencies that have appeared on the blockchain (BSC and ETH) following Elon Musk’s tweet.
Among these we find the DogeTwitter, the HalloweenDoge or the TwitDogeZilla. The least we can say is that creators do not lack the inventiveness to find the names of their “precious”.
However, despite the “genius” of their creators, cryptocurrencies have had a low life expectancy. In fact, within hours of the tweet, almost all of its cryptocurrencies were worth € 0.
This lightning-fast reaction is unsurprisingly coming from “shitcoin”. Recall that these cryptographic tokens are simple to create since they exploit the network of a cryptocurrency (in this case Ethereum or Binance). These tokens are generally of no use and are navigating a trend, meme, or even current events.
In this sense, they represent a real trap for Sunday investors due to their insane volatility. After the tweet, it’s a safe bet that several Elon Musk or Doge fans stayed on the straw by purchasing one of these popular 169 shitcoins.