Doja Cat\'s Hacked Account Used to Promote Fake Cryptocurrency Token, Sparking Wider Concerns

Renowned artist Doja Cat's social media account was hacked on July 8 and used to advertise a fake cryptocurrency token called “Doja Cat (DOJA).”

Musician Doja Cat’s social media account was hacked on July 8 and used to advertise a fake cryptocurrency token called “Doja Cat (DOJA).”

The incident was reported by Daily Trends and The Daily Mail, which disclosed that the hijacked account had not only promoted the fake token but also spread disparaging statements about fellow rapper Iggy Azalea.

The fraudulent token rapidly gained a market cap of $1.65 million through a post featuring an image of Doja Cat wielding a sword while wearing armor. The tweet included the token’s Solana contract address after a strong directive to “buy $DOJA.”

Underneath this call to action, the tweet denigrated Iggy Azalea, who recently launched her own celebrity memecoin called MOTHER, urging readers to buy DOJA even more.

Following its initial ascent, the value of “Doja Cat” (DOJA) fell sharply, reaching a market cap of only $16,820, resulting in losses for investors over $1.63 million. Within an hour of its launch, the token’s price dropped from $0.001656 to $0.00007352, according to DEXScreener.

This steep decline highlights a common issue with celebrity-linked memecoins, which often see sharp drops in value soon after launch.

Doja Cat took to her own social media following the incident to address the fraudulent activity on her account, posting a video where she firmly denied any involvement with the false posts, emphasizing that it was not her and that the posts were fake.

She urged her fans not to trust the misleading content, clarifying that someone else was responsible for the fraudulent activity.

Iggy Azalea also addressed the incident on her own social media, expressing her understanding that Doja Cat was not the source of the disparaging tweet directed at her.

She showed support for Doja Cat, hinting at her cordial relationship with her in real life, despite the hackers’ attempt to create scandal.

This latest hacking incident is part of a broader narrative involving the volatile memecoin market linked to celebrities. These digital currencies are often launched with great fanfare, promising large profits that frequently result in substantial financial losses.

The volatile nature of these currencies has prompted legal experts to warn of potential class-action lawsuits and regulatory action from the US Securities and Exchange Commission.

The Contentious Nature of the Memecoins Market

Memecoins continue to attract a large amount of attention from traders and investors interested in the possibility of high returns, despite the inherent risks.

Proponents of memecoins argue that the technology has several advantages, including their reflection of broader market trends, ability to gauge community sentiment, and role in fostering the development of active communities that can provide real value to their members.

Opponents, on the other hand, maintain that these tokens could draw unwanted regulatory attention and damage the reputation of the bitcoin industry.

Other well-known figures have entered the memecoin space. For instance, soccer legend Lionel Messi recently used his Instagram account to promote the Solana-based memecoin WATER, which led to a 350% increase in its price as a result of his endorsement.

Despite this rapid rise, the promotion was met with skepticism, with some in the crypto industry warning of potential sharp drops, or “rug pulls.”

This trend of celebrities minting their own tokens has seen the involvement of stars like Iggy Azalea and Caitlyn Jenner, who both launched their currencies on the Solana blockchain earlier this year.

Some people reacted to these actions by criticizing the celebrities for allegedly attempting to capitalize on their fan base without offering anything substantial in return.

The discussion over the benefits and drawbacks of memecoins continues as the cryptocurrency market remains a complex and contentious domain that attracts both criticism and attention from diverse quarters.

The desire for rapid financial gain from these digital assets supported by celebrities continues to spark intense debate, highlighting the volatile and contentious nature of the crypto market.

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