Boo! Halloween-themed shitcoins materialize to haunt crypto Twitter

The crypto community never shies away from deploying new cryptocurrencies that are themed on current events, and Halloween was no exception. The industry saw an influx of Halloween-themed cryptocurrencies hoping to cash in on the hype around the festivities.

Halloween-themed cryptocurrencies have taken over the crypto ecosystem on Twitter, typically offering no real use case or future for investors. Projects like these have a track record of being sourced as an off-the-shelf product, which can be quickly renamed and deployed in the free market for trading. 

Projects like Halloween Token, as shown above, came up just days before the occasion with the sole purpose of amassing $50 million in market cap. Halloween Spook, a project that cropped up on Sept. 2022, claims the status of being the “scariest meme token on Binance Smart Chain (BSC).” The project promotes Halloween Elon (SINK) token, which is based on a recent “let that sink in” meme sported by Elon Musk.

Found again on the BCS network was Halloween Wars Token, which blatantly shares its intent to “ride the hype of what many claim is the most exciting time of the year: halloween.” Despite no attempt to market the project, the project gained 17 followers who remain at risk of losing their assets to market capitulation.

One of the stronger contenders this year was halloween bsc, yet another BCS-hosted project with no apparent goal set for the investors.

As shown above, the project recently celebrated a temporary bull run but a reverse search showed no existence of an ENDS/BNB trading pair on Binance or any other trading platform.

While cryptocurrencies themed on current trends tend to spike in market price, the surge is often limited to a few days until the owner decides to cash out and rug investors from making profits. As a result, it becomes paramount for investors to do their research (DYOR). 

Related: Cointelegraph Store introduces Halloween Crypto Monsters merch

Twitter is home to a majority of the crypto world, and with Elon Musk taking over the social media platform, crypto exchange Binance decided to lend support to developing crypto and blockchain solutions for Twitter.

As Cointelegraph reported, Binance CEO CZ committed to back Musk’s Twitter acquisition with a $500 million fund.

Source: Read Full Article