Halloween-themed cryptocurrencies are taking over Twitter, with no meaningful use case or future for investors.
Halloween was no different from other times when the Twitter crypto community released new coins with current-event themes. In an effort to capitalize on the excitement around the celebrations, the market saw an invasion of cryptocurrencies themed around Halloween.
Halloween-themed cryptocurrencies, which often don’t have any genuine use cases or prospects for investors, have taken over the Twitter crypto community. These kinds of projects frequently start as off-the-shelf products that can be swiftly renamed and introduced to the free market for trading.
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 Halloween Spook, which first appeared in September 2022, claims to be the “scariest meme token on Binance Smart Chain (BSC).” The project advertises the Halloween Elon (SINK) coin, which is based on the recent Elon Musk “let it sink in” meme.
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. The idea garnered 17 supporters despite no attempt to sell it, and they are still at risk of having their funds lost to market capitulation.
Halloween bsc, yet another BSC-hosted initiative with no obvious purpose established for the investors, was one of the better competitors this year.
The project recently experienced a brief bull run, as demonstrated above, however, a reverse search revealed that there is no ENDS/BNB trading pair on Binance or any other trading platform.
While cryptocurrencies based on current trends typically see a price increase, this increase is frequently short-lived before the owner decides to sell, preventing investors from profiting. As a result, conducting research is crucial for investors (DYOR).
A large portion of the crypto community is concentrated on Twitter, and with Elon Musk being in charge of the social media platform, crypto exchange Binance made the decision to promote the creation of crypto and blockchain solutions for Twitter.
Changpeng Zhao, CEO of Binance, promised to contribute $500 million to Musk’s fund in support of his purchase of Twitter.