Multiple DOGE contracts have been created on the Ethereum and Binance Smart Chain networks as talks of Dogecoin’s Twitter integration gain steam.
The newly-created DOGE contracts with names relating to Musk and Twitter – such as “TwitterDoge” and “DogeMusk” – total 169, as revealed by leading blockchain security platform, PeckShield. After the takeover, these contracts have been created amidst growing hints of Elon Musk integrating Dogecoin into the Twitter payments system.
According to PeckShield, the contracts were created on Binance Smart Chain (BSC) and Ethereum, with BSC housing most of them. Additionally, about 67 tokens out of the approximate 169 have plummeted by over 90%, with 45 tokens crashing by 100%.
“PeckShieldAlert PeckShield has detected ～169 #DOGE contracts newly created on Ethereum and BSC. ~67 tokens’ price dropped more than -90% (~45 tokens’ price dropped -100%),” PeckShield disclosed in a tweet Tuesday.
#PeckShieldAlert PeckShield has detected ～169 #DOGE contracts newly created on Ethereum and BSC. ~67 tokens' price dropped more than -90% (~45 tokens' price dropped -100%), 42 out of them appear to be #honeypot #Dogeween👻🎃 https://t.co/ZgUW6JJpIU pic.twitter.com/kUMFs73nu0
— PeckShieldAlert (@PeckShieldAlert) November 1, 2022
PeckShield also revealed that 42 of the contracts appear to be honeypots, indicating that the community should be mindful about interacting with them.
PeckShield’s recent alert on the newly-created contracts shortly followed a tweet from Elon Musk suggesting the billionaire’s advocacy for the meme coin. Musk had posted a picture of a Shiba Inu – the Dogecoin dog breed – clothed in apparel with a Twitter logo.
Musk’s tweet, which surfaced in the early hours of Tuesday, follows the billionaire’s confirmation of monetizing content creators on Twitter. Considering his advocacy for Dogecoin, the latest tweet has further fueled claims of Musk’s interest in integrating Dogecoin into Twitter’s payments system.
These speculations have favored Dogecoin’s price action in the past week. The asset has gained by over 143% in the past seven days, per data from CMC. Dogecoin, trading at $0.065 last Wednesday, began seeing slight gains following reports of Musk’s Twitter takeover.
As speculations of a Twitter integration gain momentum, the asset recently surged to $0.146 following Musk’s recent tweet. The last time DOGE saw the $0.146 level was in April. Having gained by 24% in the past 24 hours, DOGE is currently changing hands at $0.1464.
Meanwhile, Dogecoin advocate and crypto influencer Matt Wallace recently made an ambitious price forecast of $69 for the meme coin, as the asset’s trade volume surged by over 5000%.
Additionally, Dogecoin accounted for most liquidations in the crypto futures markets over the weekend, totaling $89M. The liquidations arose from a short squeeze prompted by the asset’s sudden volatility, leading to a sharp jump above its average price point.