Elon Musk likes to be cryptic. The famous billionaire boosted the price of meme coins with just one tweet.
Elon Musk's limelight never seems to fade. The already legendary entrepreneur from South Africa has recently acquired Twitter, introducing changes to its structure.
However, this is not the only thing that the entrepreneur has been busy with these days.
On Nov. 1st, Musk tweeted a picture of a Shiba Inu dog wearing a T-shirt with the bird from the Twitter logo. The picture also featured a Halloween pumpkin carved out in the shape of the same bird.
Known for his ability to impact the crypto market, especially the price of Dogecoin, the most well-known meme coin, the cryptic picture, which also features the winking smiley, gave birth to titter-tatter among all the tweeters.
And boosted the price of Dogecoin and other Shiba Inu-themed tokens like Floki Inu and SHIB token in an instant by up to over 20%.
Currently, most of them are back to their pre-boost prices, with DOGE trading at $0.1202 press-time.
The tweet also encouraged many to launch pump-and-dump schemes by creating a new class of meme tokens on both the BNB Chain and Ethereum.
Tokens like “SharkDoge,” “dogenaldtrump,” “DogeZilla,” and “elonDogeTwit” appeared on the two blockchains, attracting thousands of investors worldwide in a split second.
According to data from the blockchain security firm PeckShield, out of 169 newly-created DOGE contracts more than 67 of such tokens almost fully lost value after the issuance.
Another 45 tokens became completely worthless, with PeckShield dubbing 42 tokens as honeypots. In the crypto world, this term is used to describe illicit tokens and change permissions on unsuspecting users' crypto wallets. The goal of this act is to transfer all the users crypto tokens to the scammer.
Previously GNCrypto reported that Musk was accused of being a scammer.
