Halloween bogus tokens take over Twitter

Twitter saw several crypto projects launched on Halloween for the purposes of capitalizing on quick market hype.

Twitter was flooded with a number of Halloween themed cryptocurrency tokens yesterday, using the spiking interest in the holiday in order to try and get people onboard.

Those Halloween-themed digital assets are often and unglamorously described as “shit tokens”, which means that they are either rug pull schemes or not really going to increase their value over time.

One such project was Halloween Token which emerged on the holiday and stated that it sought to amass $50m in capitalization, with each token worth just $0.01.

Another similar project is Halloween Spook which emerged earlier than Halloween Token, and which said it would be the “scariest meme token” of them all.

But meme tokens are still just meme tokens. Other projects are even brasher using the imagery of popular people, including Elon Musk, Twitter’s new owner, who is known to have embraced the concept of “meme token” himself by ramping up support for Dogecoin.

Such tokens and the projects that support them have not much merit and they are launched as quick cash grabs, security experts warn.

Another project that tried to capitalize on the flurry of searches for the holiday was the Halloween Wars Token. Most of these projects were built on the Binance Smart Chain and tried to use this as an argument why their project is in fact a good one.

But tokens that are built around marketing hypes like those tend to only last a few days before they get shuttered or before they begin losing their value rapidly until it bottoms.

The ability to identify these investment assets has become crucial in a world that is continuously inundated with such opportunistic tokens that undermine trust in the industry as a whole.

Thankfully, none of the tokens mentioned here managed to make it very far, which is also a credit to retail investors who are becoming smarter insofar as cryptocurrency tokens are concerned.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

Similar News

Immutable doubles down on web3 gaming with Polygon


Gaming firm Immutable and blockchain company Polygon Labs have teamed up to work on solutions to broaden adoption of blockchain...