- Hackers take over Dogwifhatโs X account, luring its audience into pump & dumps.
- Regardless, Solanaโs meme coin Dogwifhat (WIF) racked up 55% profits in 7 days.
- The shilling tantrum ends, but the estimated total damage could be in the tens of millions.
Blockchain detectives are sounding the alarm after one of Solanaโs (SOL) largest meme coins, Dogwifhat (WIF), was hacked on X.
Shady SOL Meme Coins Pushed on WIFโs Corner
The incident occurred when an actor took over WIFโs X account and offloaded a series of tweets in relation to unknown meme coins minted on Pump.Fun. 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 shady tokens initially spiked minutes after launch and then rugged, dropping by over 90%. These tweets have been deleted, but Dogwifhatโs staff havenโt mentioned anything about the hacking incident.
Sponsored
Andrew Tateโs 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. This Web3 security platform issued a warning not to engage with Dogwifhatโs X account due to the detected malicious coin promotion.
Is Dogwifhatโs (WIF) $5 Dream Still Within Reach?
As the total financial damage linked to the hack is yet to be settled, the Dogwifhat meme coin was unfazed by the controversy, sliding down 3% in 24 hours amidst a crypto market correction. Over the past week, WIF inked 55% gains, reclaiming above $4 for the first time since Aprilโs bull race.
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 Solanaโs largest canine crypto over 25% from its all-time high, fetched on March 31, 2024, at $4.83.
Dogwifhatโs $5 price target comes closer when the large investors return to enlarge their positions. On todayโs occasion, the True Strength Index (TSI) lingered between 22.86 and 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 WIF’s 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 and substantially boosting Dogwifhatโs social account growth despite the incident.
- The social media hacking incidents have been dominant in 2024, with the latest casualties including a lengthy list of celebrities, including Kyrian Mbappe, Wiz Khalifa, and Trump family members.
Why This Matters
As meme coins’ influence grows, itโs important to distinguish fraudulent meme coin projects from established ones. In 2024, hackers preferred X account takeovers, making quickly reacting crypto communities the most susceptible to this type of scam.
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