Dog Wif Hat reluctantly lends the official X account to hackers who are on a meme coin peddling rampage, enabling them to accumulate 55% gains.
Blockchain detectives are issuing a warning following the hacking of Dogwifhat (WIF), one of Solana’s (SOL) largest meme coins, on X.
A series of tweets in relation to unknown meme coins minted on Pump were offloaded by an actor who assumed control of WIF’s X account. This incident transpired.Pleasure. The fraudster disclosed contract addresses for MUU, PopWifNut (POPWNUT), DogWifDoge (WIFD), and other absurd merges that were derived from the names of popular blue-chip meme coins.
The suspicious tokens experienced an initial surge in value within minutes of their debut, but they subsequently experienced a significant decline, with a decrease of over 90%. The staff of Dogwifhat has not addressed the hacking incident, despite the fact that these tweets have been purged.
One of the tweets featured Andrew Tate’s trademark meme coin, which prompted accusations from crypto enthusiasts on X. Harpie was among the first to identify the security breach. The Web3 security platform has issued a warning to users not to interact with Dogwifhat’s X account as a result of the detected malicious coin promotion.
The Dogwifhat meme coin was unaffected by the controversy, which resulted in a 3% decline in 24 hours during a crypto market correction, as the total financial harm associated with the breach has not yet been resolved. WIF has achieved a 55% increase in the past week, surpassing $4 for the first time since April’s bull market.
Over the past two weeks, WIF has experienced a 68.8% increase in value, trading at $3.64. On Saturday, the crypto market experienced a 4% correction, which has resulted in a 25% decline in the value of Solana’s largest canine cryptocurrency, which was $4.83 on March 31, 2024.
The major investors’ return to enlarge their positions will bring Dogwifhat’s $5 price target closer. On the current occasion, the True Strength Index (TSI) remained between 22.86 and 14.55, indicating a bullish trend. Meanwhile, the Chaikin Money Flow (CMF), a large money investor inflow index, has been above 0 since November 6, 2024, coinciding with WIF’s price rally to a new three-month peak level of $4.29.
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