Rapper Doja Cat's X account was hacked on July 8, leading to the promotion of a scam token named after her. The scam token, "Doja Cat (DOJA)," briefly reached a market capitalization of $1.65 million after being promoted through the hacked account. However, it soon plummeted to a market cap of just $16,820, resulting in investor losses exceeding $1.63 million.

The now-deleted scam post featured Doja Cat in armor wielding a sword. The post urged followers to "buy $DOJA or else" and included the token's Solana contract address. Additionally, the post contained disparaging remarks about Iggy Azalea, who recently launched her own celebrity memecoin, MOTHER, and reiterated the call to "buy DOJA."

Doja Cat herself appears to disavow the hacked post. “It is not me!” she declares, “It is literally an imposter!” She continues, “Guys, do not believe whatever that was, OK. It was someone else.” Iggy Azalea responded to the incident on her own X account, stating that she recognized the post was not from Doja Cat. “Get rugged if yall want but I’m cool w that girl irl so yall f*cked up w that tweet hackers,” she wrote.

The scam token's Solana contract address revealed that "Doja Cat" (DOJA) reached a peak price of $0.001656 shortly after its launch, implying a market cap of $1.656 million with a total supply of 1 billion coins. Within the next hour, the token's price dropped to $0.00007352, and at the time of publication, it had further declined to $0.00001682, resulting in a market cap of only $16,820 and investor losses of over $1.63 million.

The recent surge in celebrity memecoins has seen many of them lose 90% or more of their value within hours of launch. Legal experts suggest these coins might face class-action lawsuits and scrutiny from the US Securities and Exchange Commission.