Another day another scam in the cryptocurrency market, rapper Doja Cat’s X (formerly Twitter) account was hacked on July 8. The hack resulted in the promotion of a fraudulent Solana-based meme coin named after the artist, causing massive financial losses for investors. 
The hacker behind this scheme posted a message urging Doja Cat’s 5.6 million followers to "buy $DOJA or else," accompanied by an image of the artist dressed in armor and wielding a sword.&nbsp;
The post included the Solana contract address for the “Doja Cat (DOJA)” token and made disparaging comments about fellow rapper Iggy Azalea, who recently launched her own <a href="https://www.coingabbar.com/en/crypto-currency-news/meme-coin-dorae-plummets-developer-suspected-of-rug-pull" title="meme coin" class="f-link" rel="noopener noreferrer nofollow">meme coin</a>, MOTHER.
The fraudulent promotion led to a dramatic surge in the token's value. Data from DEXScreener showed that the coin's market cap surged to $1.65 Million, with its price surging to $0.001656.
Furthermore, this rapid ascent was followed by an equally swift decline. The token's value plummeted to $0.00001682 within hours, resulting in a market cap of just $16,820 and estimated investor losses exceeding $1.63 million.
<h3 id="span-span-data-font-font-size-style-font-size-16px-doja-cat-s-warns-users-span-span">Doja Cat’s Warns Users</h3>
In response to the hack, Doja Cat took to Instagram to inform her 24 million followers that the X posts were not from her. In a video statement, she emphatically declared, "It is not me! It is literally an imposter!" She urged her fans not to believe the fraudulent posts and expressed her dismay over the incident.
Iggy Azalea also warn about the situation on her social media, expressing her understanding that Doja Cat was not behind the disparaging tweet.
She showed support for Doja Cat, emphasizing their real-life friendship and criticizing the hackers for their actions.
<h4>The Broader Issue of Celebrity-Linked Memecoins</h4>
This incident is part of a disturbing trend in the crypto world, where celebrity social media accounts are targeted to promote pump-and-dump schemes.&nbsp;
High-profile figures such as actress Sydney Sweeney, wrestler Hulk Hogan, rapper 50 Cent, and the band <a href="https://www.coingabbar.com/en/crypto-currency-news/metallica-social-media-account-hacked-shocks-fans" title="Metallica" class="f-link" rel="noopener noreferrer nofollow">Metallica </a>have all fallen victim to similar hacks. Each incident involved the promotion of Solana-based meme coins, often resulting in notable financial losses for investors.
Legal experts warn that the proliferation of these celebrity-linked meme coins, both legitimate and fraudulent, may attract class-action lawsuits and enforcement actions from the U.S. Securities and Exchange Commission (SEC).&nbsp;
The volatile nature of these coins is evident, with most experiencing dramatic declines in value shortly after launch, even when officially promoted by the celebrities they represent.
<h4>Conclusion</h4>
The hack of Doja Cat's X account and the following promotion of a fraudulent token highlight the risks associated with the meme coin market. While some advocates argue that these tokens mirror broader market trends and can foster vibrant communities, the potential for financial loss and regulatory scrutiny is high. Investors should exercise caution and conduct thorough research before involving in the acquisition of meme coins, particularly those linked to celebrity endorsements. Also Read:&nbsp;<a href="https://www.coingabbar.com/en/crypto-currency-news/italy-crypto-guidelines-mica" title="Italy to Unveil Crypto Guidelines under EU MiCA Law" class="f-link" rel="noopener noreferrer nofollow">Italy to Unveil Crypto Guidelines under EU MiCA Law</a>

Doja Cat's X Account Hacked: $1.63M Lost in Crypto Scam

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