- The celebrity meme coin cycle is still ongoing.
- Rapper Doja Cat’s name is one that’s been caught up in this latest frenzy.
- Solana’s WATER Memecoin has gained attention with the support of famous soccer stars.
The cryptocurrency industry is often swept up in new trends, and few are as controversial as the celebrity memecoin cycle. This trend often features pump-and-dump schemes by celebrities who use their influence to promote projects. Less than two months later, the process has picked up speed again, with multiple figures aggressively promoting new projects.
As the frenzy begins to cool, another socialite is caught up in the scheme. But this time, there’s a twist.
‘Doja Cat’ token commotion
On Tuesday, June 9, 2024, the cryptocurrency market was pushed into another interesting celebrity meme coin chapter, as a tweet promoting the $DOJA token was reportedly posted on the official X account of American rapper Doja Cat. According to the celebrity news outlet Daily TrendsThe star’s account was hacked by malicious actors, who posted fraudulent promotional posts urging her followers to invest in the token.
However, it has been reported that behind the now-deleted post, a video was uploaded in which the Say So star refuted the token promotion. “I’m not. I’m a literal scammer!”
The alleged scammer didn’t stop at promoting the $DOJA token, instead attacking his predecessor, Iggy Azalea. Interestingly, Azalea, who has been promoting her own token nonstop for the past few weeks, has come to Doja’s defense, attacking X, and in her latest post, claiming that it was actually a scam.
“You can be as rough as you want, but I’m fine with that girl in real life, and you guys are screwed because of the Twitter hackers.” Azalea said. Despite these claims, the $DOJA token surged to a trading price of around $0.00166 within hours of its launch before crashing, causing investors to lose around $1.6 million.
It’s not just Doja Cat-related tokens that have been getting a lot of attention recently.
On July 8, soccer superstar Lionel Messi promoted Watercoin (WATER), a Solana-based microcoin, on his Instagram account.
Messi’s post, which featured the WATER token mascot stabbed into his shoulder, quickly raised eyebrows across the industry. Several community members condemned the move, raising concerns that the Argentine footballer was the latest in a long line of popular figures to sell off their fleeting Solana tokens.
But things got even more heated when another footballer, Ronaldinho Gaucho, joined the trend with a similar post, raising similar concerns among industry insiders promoting Solana-based Mimecoins.
Some industry insiders have expressed concern about the overall trend of celebrity-backed Memecoin projects, criticizing them for lacking substance and real purpose.
On the other side
- 2022 U.S. Securities and Exchange Commission (SEC) Approved Influencer Kim Kardashian and boxer Floyd Mayweather have been charged with promoting fraudulent tokens.
- Most influential figures entering the cryptocurrency industry are often accused of being selfishly motivated and lacking in true knowledge about cryptocurrencies.
- Just like the DOJA token, there are also Memecoin projects that include celebrities. Caitlyn Jenner, Hulk HoganAnd in recent months, more and more people have been experiencing Flash crashes.
Why this matters
Celebrity projects like the Doja Cat themed token or the WATER-Messi Solana memecoin are notorious for their fleeting success, often turning into financial disasters that leave investors out of pocket. However, regardless of the name, investing in memecoins carries significant risks, and investors are advised to exercise caution when participating in such projects.
Find out more about the celebrity meme coin craze so far this year in this article.
Iggy Azalea, Caitlyn Jenner, Solana?! What’s going on?
Industry insiders weigh in on the fate of the newly proposed Solana ETF:
Analysts Comment on Solana ETF Outlook Amid New Filings