The Never-Ending Saga of Celebrity Memecoins: Doja Cat Token Brouhaha and Soccer Stars Promote Solana-Water Token

The crypto industry is often swept up in a new trend, few as controversial as the celebrity memecoin cycle. This trend often features pump-and-dump schemes by popular figures who wield their influence to promote projects.

The crypto industry is no stranger to the latest trends, and one of the most contentious ones has been the celebrity memecoin cycle. This trend has often seen popular figures using their influence to promote projects in what appears to be a pump-and-dump scheme. The process picked up pace again less than two months ago, and it was highlighted by multiple personalities aggressively promoting new projects.

While the frenzy has only started to cool, another social figure has been linked to the scheme, albeit with a unique twist.

The ‘Doja Cat’ Token Brouhaha

On Tuesday, June 9, 2024, another interesting chapter was added to the celebrity memecoin saga when tweets were reportedly spotted on American rapper Doja Cat's official X account promoting a $DOJA token. According to celebrity news outlet Daily Trends, the star's account was hacked by bad actors, who posted the fraudulent promotions and urged her followers to buy the token.

However, the now-deleted posts were reportedly followed by a video of the Say So star debunking the token promotion, where she stated, “It is not me. It is literally an imposter!”

The alleged imposter didn't stop at promoting the $DOJA token, also taking a jab at its predecessor, Iggy Azalea. Interestingly, Azalea, who has been relentlessly promoting her token over the past couple of weeks, took to X in Doja's defense, claiming that the recent posts are indeed fraudulent.

“Get rugged if yall want but I’m cool w that girl irl so yall fucked up w that tweet hackers,” stated Azalea. Despite these claims, the $DOJA token did manage to surge to a trading price of around $0.00166 on an exchange within a few hours of its launch before it crashed, reportedly causing investors an estimated loss of $1.6 million.

The Doja Cat-tied token wasn't the only one to garner attention recently.

Soccer Stars Promote Solana-Water Token

On July 8, football superstar Lionel Messi took to his Instagram account to promote the Solana-based memecoin WaterCoin (WATER).

Messi's post featured an image of him with the WATER token mascot poking on his shoulder, quickly raising eyebrows across the industry. Several community members went on to slam the move, raising concerns that the Argentine footballer is the latest to join the bandwagon of popular figures shilling fleeting Solana tokens.

Messi, one of the highest paid athletes in the world Just promoted a $25m Solana shitter.

Clearly things are worse than we could have imagined or things are about to get much worse. pic.twitter.com/BEANYOjPxy

However, things heated up when another footballer, Ronaldinho Gaúcho, joined in the trend with a similar post, drawing similar concerns among industry participants on the promotion of the Solana-based memecoin.

Several industry figures have raised concerns about the broader trend of memecoin projects being backed by celebrity figures, condemning them as lacking in substance and genuine purpose.

On the Flipside

Why This Matters

Celebrity projects like the Doja Cat-themed token or WATER-Messi Solana memecoin are known for their fleeting successes, more often than not turning into financial disasters that leave investors out of pocket. However, regardless of the name tied to them, investing in memecoins carries substantial risk, and investors are advised to exercise caution when engaging with such projects.

Find out more about the celebrity memecoin craze so far this year in this article:

Iggy Azalea, Caitlyn Jenner, and Solana?! Here’s What’s Up

Here’s what industry figures think of the fate of the newly proposed Solana ETFs:

Analysts Weigh In on Solana ETF Prospects Amid Fresh Filings

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