Investors lost $1.6 million after Doja Cat X was allegedly hacked to promote a scam coin.

Rapper Doja Cat X's account was hacked on July 8 and used to promote a scam featuring the rapper's name, according to celebrity news outlet Daily Trends. Celebrity news site Daily Mail reported that Doja Cat was hacked and used to make negative articles about fellow rapper Iggy Azalea.

The scam token “Doja Cat (DOJA)” reached a capitalization of $1.65 million after promoting it through a hacked account. It subsequently fell to a market price of $16,820, causing investors to lose more than $1.63 million.

Daily Trends has released an image of the now-deleted Scam X post. It features an image of Doja Cat wearing armor and swinging a sword. Above the image it says “Buy $DOJA or else” followed by the token's Solana contract address.

Below the image is a negative statement about fellow rapper Iggy Azalea, who recently launched her own famous memecoin, Mom. The statement again urges readers to “buy DOJA.”

The Daily Trends post also features a video from Doja Cat herself. In the video, she stated that the deleted post was not from her. “i am not!” “Of course it's fake!” she says. She added, “Guys, don't believe that, whatever. It was someone else.”

Celebrity news site The Daily Mail reported the hack, saying the account was used to send “Hey boo” replies to influencer Andrew Tate and rapper Nicki Minaj.

In a post on her own X account, Iggy Azalea said she knew the post was not from Doja Cat. “Be rude if you want, but I'm so glad that girl got pissed off at the tweets,” she said.

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The contract address shown in the hacker's post is “Doja Cat” (DOJA) for the Solana token. Data from DEXScreener shows that it reached a high of $0.001656 in the first hour after launch. The coin has a total supply of 1 billion coins, indicating that its market cap was $1.656 million at its peak.

In the next hour, the price dropped to $0.00007352. At the time of publication, the token is sitting at $0.00001682, which represents a total loss of just $16,820 for over $1.63 million investors.

Many newly released celebrity memecoins have hit the market in the past few months, with most dropping by 90% or more within hours of launch. Legal experts say these coins could attract class-action lawsuits and enforcement from the US Securities and Exchange Commission. However, not all of these coins were officially introduced by the famous people they represented, because some of them are the result of hacking.

On July 2, actress Sydney Sweeney's X account was also hacked and used to promote an unofficial SWEENY celebrity coin.

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