Halloween-themed cryptocurrencies, which are frequently bought as off-the-shelf products with no clear use case or future for investors, are taking over the cryptocurrency ecosystem on Twitter.
The crypto community never hesitates to launch new cryptocurrencies based on current events, and Halloween was no exception. The industry saw an influx of Halloween-themed cryptocurrencies hoping to capitalize on the excitement surrounding the holiday.
Halloween-themed cryptocurrencies have taken over the Twitter crypto ecosystem, typically with no real use case or future for investors. Projects like these have a history of being sourced as an off-the-shelf product that can be quickly renamed and deployed for trading in the free market.
Just a few days before the event, initiatives like the above-mentioned Halloween Token were launched with the express intention of amassing a $50 million market cap. The project known as Halloween Spook, which first appeared in September 2022, calls itself the “scariest meme token on Binance Smart Chain (BSC).” The initiative promotes Halloween Elon (SINK), a play on Elon Musk’s current “let it sink in” joke.
Halloween Wars Token, which clearly states its intention to “ride the frenzy of what many think is the most exciting time of the year: halloween,” was discovered once more on the BSC network. 17 people joined the initiative despite no marketing efforts being made, but they still run the risk of losing their assets to market capitulation.
Halloween Bsc, yet another BSC-hosted project with no obvious goal for investors, was one of the stronger contenders this year.
As can be seen above, the project has lately experienced a brief upswing, although there does not appear to be an ENDS/BNB trading pair available on Binance or any other exchange.
While cryptocurrencies themed on current events have a tendency to spike in market price, the surge is often limited to a few days before the owner decides to cash out and rug investors. As a result, it is critical for investors to conduct thorough research.
The majority of the crypto community is based on Twitter, and now that Elon Musk is in charge of the social media platform, cryptocurrency exchange Binance has made the decision to encourage the creation of blockchain and crypto solutions for Twitter.
According to Cointelegraph, Changpeng Zhao, CEO of Binance, promised to provide a $500 million fund in support of Musk’s purchase of Twitter.