On July 8, rapper Doja Cat’s X account was reportedly hacked and used to promote a scam token named after her, according to a report from celebrity news outlet Daily Trends. The Daily Mail also confirmed the hack, noting the account was used to post negative comments about fellow rapper Iggy Azalea.

The scam token, “Doja Cat (DOJA),” saw its market capitalization soar to $1.65 million after the hacked account promoted it, only to plummet to $16,820 shortly after, resulting in investor losses exceeding $1.63 million.

Daily Trends shared an image of the now-deleted scam post on X. It featured Doja Cat dressed in armor, holding a sword, with the caption “buy $DOJA or else,” alongside the token’s Solana contract address. The post also included derogatory remarks about Iggy Azalea, urging readers to buy the DOJA token.

In response, Daily Trends posted a video purportedly from Doja Cat, in which she denied authoring the post. “It is not me!” she exclaimed, “It is literally an imposter!” She urged her followers not to believe the post, emphasizing it was made by someone else.

The Daily Mail reported further on the hack, stating the account also posted replies to influencer Andrew Tate and rapper Nicki Minaj with the message, “Hey boo.”

Iggy Azalea responded on her own X account, asserting she knew the post did not come from Doja Cat. “Get rugged if y’all want but I’m cool w that girl irl so y’all fucked up w that tweet hackers,” she wrote.

The scam post’s contract address pointed to a Solana token named “Doja Cat” (DOJA). Data from DEXScreener indicated that the token’s price peaked at $0.001656 within the first hour of its launch, giving it a market cap of $1.656 million, based on a total supply of 1 billion coins. However, within the next hour, its price dropped to $0.00007352. At the time of publication, the token’s price was $0.00001682, resulting in a market cap of $16,820 and a total investor loss of over $1.63 million.

Doja Cat price chart. Source: DEXScreener

In recent months, several celebrity memecoins have been launched, many of which have seen their values drop by 90% or more shortly after release. Legal experts warn that these coins could lead to class-action lawsuits and enforcement actions from the US Securities and Exchange Commission. However, not all these tokens were officially endorsed by the celebrities they represented; some were the result of hacks.

For instance, on July 2, actress Sydney Sweeney’s X account was also hacked and used to promote an unofficial SWEENY celebrity coin.

Source: Cointelegraph