HomeBitcoinCardano Founder Unintentionally Promotes Memecoin In Social Media Slip

Cardano Founder Unintentionally Promotes Memecoin In Social Media Slip

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Charles Hoskinson, the founder and creator of Cardano has recently caused quite a frenzy in the cryptocurrency community when he unwittingly promoted a meme coin crypto project known as Freya through social media.

Significance Of The Cardano Founder’s Unwitting Mistake

The recent development took place after Charles Hoskinson posted an adorable photo of him and his dog named Freya on X (formerly Twitter) yesterday. Initially, the Cardano founder’s X post was aimed at providing an update about his dog’s growth.

However, Hoskinson ended up tagging an X account to a token with a dog theme that has the same name as his dog. This originally drew the interest of the cryptocurrency community and investors towards the meme coin.

The creators of the Cardano-native meme coin used the tweet to popularize $FREYA, their token. They claimed that Hoskinson was promoting the meme-based cryptocurrency to his nearly one million followers with his X post about Freya.

Cardano Founder
Charles Hoskinson’s deleted X post that led to the development| Source: X

Before the tweet, the memecoin’s X account appeared to be known as @freyahosk, but later changed its name to @freyahoskinson. This allowed the team to take advantage of the Cardano founder’s post.

The meme coin gained enormous traction as a result of this, which saw its price skyrocket by 800% to $0.1342. However, this huge rally only lasted for about 15 minutes as the post was later deleted by Hoskinson.

This led to significant losses by investors who have since criticized Hoskinson while blaming him for their losses. They also advised him to always do due research before linking accounts on the X platform, to avoid the problem from happening again.

The crypto community and investors’ interests seem to have also been buttressed by the love they have for Hoskinson and his dog. Several comments were seen asserting that this was the reason they shifted their focus to the memecoin.

Charles Hoskinson’s Reaction To The Development

So far, the Cardano founder has asserted that he has no connection with the project or other NFT plays. According to him, people made artwork about him and his dog, but he does not endorse these projects, nor has he conducted any diligence on them.

The post read:

Just so it’s absolutely unambiguous. I have nothing to do with fan projects like Freya or other NFT plays. It’s flattering that people make artwork about my dog or my life, but I’m not affiliated, have not done any diligence on these projects, and do not endorse them.

He further conveyed his appreciation, recognizing the crypto community’s significant concern. However, he made it clear that he does not commercialize from it and has not entered into any partnerships for that reason.

Cardano
ADA trading at $0.557 on the 1D chart | Source: ADAUSDT on Tradingview.com

Featured image by iStock, chart by Tradingview.com

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