As a dedicated follower of Doja Cat and the ever-evolving world of cryptocurrency, I was both excited and alarmed by the recent events surrounding the meme coin bearing her name. The sudden surge in value following her X account’s hacked endorsement felt like a rollercoaster ride that I couldn’t look away from.
As a passionate cinema goer and follower of the vibrant world of social media, I’m thrilled to share an intriguing turn of events. The cryptocurrency coin bearing the name of recording artist Doja Cat experienced a significant price increase on Monday. This surge was fueled by posts on her X account that reached out to her impressive fan base of 5.6 million people, urging them to invest in this meme coin.
Hackers took control of the account and showered it with enthusiastic, often crude messages, but the singer-rapper revealed this on Instagram shortly after. The coin’s worth plummeted once more to a low value in the crypto market, equivalent to that of penny stocks, by Tuesday.
Approximately 1 billion Doja coins were worth around $13,700 in total as of Tuesday afternoon, equating to just over $0.000014 per coin.
Meme coins, similar to other cryptocurrencies, derive their value solely from public perception and current market demand since they lack any inherent worth. For instance, Dogecoin, the most well-known meme coin, boasts a market capitalization surpassing $15 billion, while numerous other meme coins have attracted tens of millions of dollars in investment.
There are countless meme coins that fail to make an impact today, while only a fortunate few are successful with substantial market value. Despite this, some celebrities have jumped on the bandwagon, such as rapper Iggy Azalea who launched her Mother coin in late May. At its peak on June 8, Mother boasted a market capitalization of over $200 million. However, by Tuesday, the coin’s price had plummeted approximately 85% from its previous high.
In addition to the market’s unpredictability, coins inspired by celebrities with substantial social media fanbases, such as Doja Cat’s on X (previously Twitter), have been hit by multiple hacking incidents.
Hackers aim to convince a large number of people to purchase $DOJA coins, increasing its value. Once this happens, investors can make a profit by selling their holdings. However, the market may eventually react, causing the value to decrease again. A message on Doja Cat’s X account read, “Buy $DOJA or else,” accompanied by a picture of her wearing chain mail and wielding a sword. Another post targeted Azalea and urged, “and buy $DOJA.”
The deleted posts were followed by approximately 15,000 Doja transactions, leading to a significant increase in the coin’s selling price as reported by GeckoTerminal.com. However, within just 90 minutes, this price surge was largely reversed due to an overwhelming number of sell-offs.
Doja Cat’s representatives did not respond immediately Tuesday to a request for comment.
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2024-07-18 20:44