Elon Musk Recent Tweet Featuring Doge Boosted Twitter-Themed Dogecoin Tokens

PeckShield highlighted more than 42 tokens were flagged by as honeypots.

On Tuesday following a related tweet by technology billionaire Elon Musk a new variety of Shiba Inu-inspired tokens was developed on the BNB chain and Ethereum.

Different names like “babyDogeTwitter,” “dongenaltrump,” “spaceTwitterDoge,” and “elonDogeTwit,” were popular on both the blockchains after Musk posted an picture of Shiba Inu dog on Twitter wearing a T-Shirt(on which symbol of Twitter is printed) and is posing in front of classic Halloween pumpkin.

PeckShield is blockchain security firm which posted on twitter that More than 67 such tokens are down 90% in the hours following the issuance at Asian noon, with 45 coins down 100%. This continuation has led to the loss of thousands of dollars for investors who turned their attention to the newly issued token in anticipation of long-term price appreciation.

PeckShield highlighted more than 42 tokens were flagged by as honeypots, a term that describes illegal tokens that alter permissions on users’ crypto wallets, ultimately causing all their crypto tokens to be removed from those wallets by a scammer. With the goal of moving under controlled.

The respective Tweet of Elon Musk also enhance the growth of Dogecoin and in last seven days Dogecoin approximately grew by 120 percent.

And it is believed to be a highest hike since last six months and the trading volume of Dogecoin also grew. A breakout of meme coins was sparked by Friday’s completion of Musk’s Twitter acquisition, with dogecoin leading the pack.

According to data from the blockchain intelligence platform IntoTheBlock, this indicates that as many as 62% of DOGE holders are “Making Money at Current Price.” This percentage is even higher than the percentage of holders of Bitcoin (BTC) and Ether (ETH), which is 54% and 57%, respectively.

Some reliable reports notes that Musk is holding massive number of Dogecoin that’s why is promotes it mostly.

According to data from CoinMarketCap while framing this article Dogecoin is trading at $0.1293 with 24-hour trading volume of $4,854,740,076.

Circulating Supply:- 132.67B Doge

On February 4, 2021, a tweet by Elon Musk created a huge impact on the Doge market i.e “Dogecoin is the people’s growth.”

On May 13,2022 there was another tweet that helped the community to raise its profit value by saying, “It has potential as a currency.” He considered that Dogecoin has the capacity to utilize it in the currency market.

Shiba INU and Dogecoin are two of the most popular meme coins in the crypto industry. They are both competitors of each other. According to CMC Rank, Shiba INU is below Dogecoin in terms of market capitalization. SHIB Crypto is also working hard to emerge in the market as the best namecoin in the crypto ocean.