- Hackers take over Dogwifhat’s X account, luring the audience into pump & dumps.
- Regardless, Solana’s meme coin Dogwifhat (WIF) racked up 55% profits in 7 days.
- The shilling tantrum ends, but estimated total damage could be in tens of millions.
Blockchain detectives are sounding the alarm after one of Solana’s (SOL) largest meme coin official X account has been hacked. Dogwifhat (WIF), the third largest meme asset on SOL. Currently rocking a $3.60 billion market cap, Solana’s (SOL) hat-wearing dog has a wide audience of 115.9K followers on X, previously known as Twitter.
Shady SOL Meme Coins Pushed On WIF’s Corner
The incident occurred when a culprit took over WIF’s X account and offloaded a series of tweets in relation to unknown meme coins minted on Pump.Fun. Certainly, the fraudster shared contract addresses for MUU, PopWifNut (POPWNUT), DogWifDoge (WIFD) and other ridiculous merges derived from the popular blue-chip meme coin names.
The aforementioned shady tokens initially spiked minutes after launch and then got rug pulled, dropping by over 90%. As of now, these tweets have been deleted, even though Dogwifhat’s (WIF) staff haven’t mentioned a single word about the hacking incident.
Additionally, Andrew Tate’s signature meme coin popped out in one of the tweets, sparking accusations among crypto enthusiasts on X. One of the first to spot the security compromise was Harpie, a Web3 security platform that issued a warning not to engage with Dogwifhat’s (WIF) X account due to the detected malicious coin promotion.
Is Dogwifhat’s (WIF) $5 Dream Still Within Reach?
As the total financial damage linked to the hack is yet to be settled, the Dogwifhat (WIF) meme coin was unfazed by the controversy, sliding down by 3% in 24 hours amidst a crypto market correction. Over the past 7 days, WIF crypto price inked 55% gains, reclaiming above $4 for the first time since April’s bull race.
At present, the #35 seated Solana meme coin Dogwifhat (WIF) is changing hands at $3.64, amassing a 68.8% fortune over the past two weeks. However, a 4% crypto market correction on Saturday has distanced Solana’s largest canine crypto over 25% from its all-time high, fetched on March 31, 2024 at $4.83.
Naturally, Dogwifhat’s (WIF) $5 price target comes closer when the large investors return to enlarge their positions. In today’s occasion, the True Strength Index (TSI) lingered between 22.86 to 14.55, signaling bullish momentum, while the large money investor inflow index, popularly known as Chaikin Money Flow (CMF), has been hovering above 0 since November 6, 2024, coinciding with Dogwifhat’s (WIF) price rally to a new three-month peak level of $4.29.
On The Flipside
- Dogwifhat celebrated the listing on Coinbase a few days ago, opening the doors to WIF to a wider audience, substantially boosting Dogwifhat’s social accounts growth despite the incident.
- The social media hacking incidents have been dominant in 2024, with latest casualties including a lengthy list of celebrities including Kyrian Mbappe, Wiz Khalifa, Trump family members.
Why This Matters
As the influence of meme coins grows, it’s important to distinguish fraudulent meme coin projects from the established ones. X account takeovers have been the go-to for hackers in 2024, making quickly-reacting crypto communities the most susceptible to this type of scam.
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