Cardano Founder’s Unintentional Promotion of Meme Coin
Charles Hoskinson, the founder of Cardano, created a buzz in the cryptocurrency community when he unintentionally promoted a meme coin called Freya through social media. It all started when Hoskinson posted a photo of himself and his dog named Freya on X (formerly Twitter). Initially, the post was meant to provide an update about his dog’s growth, but he ended up tagging an account related to a token with the same name as his dog.
Importance of Hoskinson’s Mistake
The creators of the Cardano-native meme coin took advantage of this situation to promote their token. They claimed that Hoskinson was endorsing their cryptocurrency to his nearly one million followers through his post about Freya. This led to a surge in interest and investment in the meme coin, causing its price to skyrocket by 800% to $0.1342. However, the rally was short-lived as Hoskinson later deleted the post.
This incident resulted in significant losses for investors who criticized Hoskinson for their losses and advised him to be more cautious when linking accounts on social media platforms.
Hoskinson’s Response
Hoskinson clarified that he has no connection to the project or other NFT plays. He mentioned that people have created artwork about him and his dog, but he does not endorse these projects or conduct any due diligence on them. He expressed gratitude for the concern shown by the crypto community but emphasized that he does not profit from it or enter into partnerships related to it.
Hot Take: Lessons Learned from Hoskinson’s Mistake
This incident serves as a reminder for individuals in the crypto space to exercise caution when promoting or investing in projects. It highlights the importance of conducting thorough research and due diligence before getting involved with any cryptocurrency. While unintentional promotions can create excitement and temporary price surges, they also carry risks for both the project and investors. It is crucial to verify the credibility and authenticity of projects before making any investment decisions.
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