Solana

American rapper and actor <a href="https://bitcoinist.com/rapper-50-cent-isnt-a-bitcoin-millionaire-after-all/" target="_blank" rel="noopener ">50 Cent</a> was recently at the center of a meme coin saga on the <a href="https://bitcoinist.com/pantera-capital-solana-ethereum/" target="_blank" rel="noopener ">Solana network</a>. The rapper refuted promoting the GUNIT meme coin, claiming his X (formerly Twitter) account was hacked by individuals pushing the cryptocurrency. 
<h2 id="strong-hackers-target-50-cent-s-account-to-promote-fake-crypto-strong">Hackers Target 50 Cent’s Account To Promote Fake Crypto</h2> 
50 Cent <a href="https://www.instagram.com/p/C8fW3MrO46P/?hl=en&amp;img_index=1" target="_blank" rel="noopener nofollow">revealed</a> in an Instagram post that his X account was hacked while denying any ties to the GUNIT meme coin, which was promoted on his X account. He added that the hacker made $300 million from this elaborate scam. However, that looks unlikely, considering the <a href="https://bitcoinist.com/dogecoin-shiba-inu-floki-dino-coins/" target="_blank" rel="noopener ">meme coin’s liquidity</a> and market cap before it was quickly discovered as a scam.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-306750" src="https://bitcoinist.com/wp-content/uploads/2024/06/A_8e8d2e.png?resize=340%2C497" alt="" width="340" height="497" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/A_8e8d2e.png?resize=340%2C497?w=340 340w, https://bitcoinist.com/wp-content/uploads/2024/06/A_8e8d2e.png?resize=340%2C497?w=287 287w" sizes="(max-width: 340px) 100vw, 340px" data-recalc-dims="1"> 
Before 50 Cent’s revelation, many traded the GUNIT meme coin based on the belief that it was owned by the rapper. The rapper’s X account made several promotional posts about the GUNIT meme coin, which was created through Pump.fun. The crypto token witnessed millions of dollars in trading volume and rose to an all-time high (ATH) <a href="https://bitcoinist.com/arbitrum-arb-hits-rock-bottom-but-market-cap-soars/" target="_blank" rel="noopener ">market capitalization</a> of $6.5 million in just under an hour before it was revealed to be a scam. 
50 Cent creating the meme coin and promoting it on his account seemed like a real possibility, considering that a <a href="https://bitcoinist.com/expert-explores-famous-stars-impact-on-crypto/" target="_blank" rel="noopener ">host of other celebrities</a> have recently created their meme coins and actively promoted them on their X account. This includes <a href="https://bitcoinist.com/celebrity-memecoins-get-a-boost-from-lil-pump/" target="_blank" rel="noopener ">Rapper Iggy Azalea</a>, who created the MOTHER meme coin, which currently has a market capitalization of around $57 million.&nbsp; 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/SOiheRWc/" width="1835" height="883"> 
The posts made by the hacker were also well-planned and looked convincing, as some referenced 50 Cent’s cognac brand. Others also alluded to the recent happenings in the Solana meme coin space, including <a href="https://bitcoinist.com/pharma-bro-traded-crypto-behind-bars/" target="_blank" rel="noopener ">Martin Shkreli’s</a> alleged creation of the DJT meme coin, which was believed to have been owned by former US President Donald Trump.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-306749" src="https://bitcoinist.com/wp-content/uploads/2024/06/A_f21be6.png?resize=459%2C538" alt="" width="459" height="538" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/A_f21be6.png?resize=459%2C538?w=459 459w, https://bitcoinist.com/wp-content/uploads/2024/06/A_f21be6.png?resize=459%2C538?w=358 358w" sizes="(max-width: 459px) 100vw, 459px" data-recalc-dims="1"> 
<h2 id="b-a-new-and-worrisome-trend-b">A New And Worrisome Trend</h2> 
50 Cent isn’t the first celebrity to have had his X account hacked in order to promote a meme coin. Earlier this month, wrestling legend Hulk Hogan also suffered a similar fate as he <a href="https://bitcoinist.com/hulk-hogan-memecoin-the-17-million-rugpull/" target="_blank" rel="noopener ">claimed </a>he didn’t make the promotional posts from his X account, which promoted the HULK meme coin.&nbsp; 
Scammers are taking advantage of the celeb meme coin trend to create meme coins and give the false impression that a particular celebrity indeed created them. Although Donald Trump’s account wasn’t hacked, something similar happened with the <a href="https://www.newsbtc.com/meme-coins/trump-inspired-memecoins-crash-30-after-rumors-of-trumps-official-token-launch/" target="_blank" rel="noopener nofollow">DJT meme coin</a>. It pumped on unconfirmed reports that <a href="https://bitcoinist.com/trump-gets-1m-bitcoin-from-winklevoss-twins/" target="_blank" rel="noopener ">Trump</a> created it and eventually dumped after it was confirmed that it had no ties with the former US president.&nbsp; 
Generally, some, including <a href="https://bitcoinist.com/ethereum-cofounder-blasts-celeb-fueled-crypto-fads/" target="_blank" rel="noopener ">Ethereum’s co-founder Vitalik Buterin</a>, have criticized the celeb meme coin trend, noting how they lack innovation and are simply cash grabs.&nbsp; 
Featured image from SecurityMadeSimple, chart from TradingView

Celebs In Crypto: 50 Cent Says X Account Was Hacked To Promote Rugged Solana Meme Coin

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