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50 Cent’s Twitter Hacked: Solana Meme Coin ‘GUNIT’ Promoted in Crypto Scam

50 Cent's X Account Hacked To Promote Solana Meme Coin, “GUNIT"

The crypto world moves fast, and sometimes, it moves right into celebrity Twitter accounts—uninvited. Recently, rapper 50 Cent’s Twitter (now X) account was compromised, not for personal drama, but to shill a brand new Solana meme coin called “GUNIT.” In a wild Friday afternoon, millions of dollars flowed into this token before the truth came out: it was all a hack. Let’s dive into the details of this bizarre crypto caper.

How Did the 50 Cent Twitter Hack Unfold?

  • The Initial Tweets: 50 Cent’s Twitter account started pumping out promotional posts for GUNIT, a Solana token launched via Pump.fun.
  • Elaborate Posts: The tweets referenced 50 Cent’s cognac brand and other celebrity crypto narratives like Martin Shkreli’s Trump token and Andrew Tate’s DADDY coin.
  • The Hook: One tweet even featured a Solana-themed meme with 50 Cent at the center, making it seem legit.

Here’s a look at one of the tweets that fueled the frenzy:

While some crypto users smelled something fishy, many weren’t sure. The result? A massive influx of cash into GUNIT.

The Rise and Fall of GUNiT: A Classic Pump-and-Dump?

  • Massive Trading Volume: GUNIT saw $18.6 million in total trading volume in just 40 minutes.
  • Price Surge: The token rocketed upwards by approximately 8,000%.
  • Sudden Plunge: Just as quickly, liquidity vanished, and the price plummeted.

This rapid rise and fall is characteristic of a pump-and-dump scheme, where early investors artificially inflate the price of an asset and then sell their holdings for a profit, leaving later investors with losses.

Why Did People Fall For It? The Celebrity Meme Coin Effect

In recent times, celebrity meme coins launched via platforms like Pump.fun have seen explosive growth. Endorsements from prominent figures can send these tokens soaring, even if they lack fundamental value.

Examples include:

  • DADDY Coin: Promoted by Andrew Tate, it rose to a $340 million market cap.
  • MOTHER Token: Iggy Azalea’s token crossed $200 million around the same time.

This trend creates an environment where investors are quick to jump on board, hoping to make a quick profit before the hype dies down.

The Revelation: 50 Cent Announces the Hack

Shortly after the token’s launch, 50 Cent took to Instagram to announce that his Twitter and website had been hacked.

A screenshot of 50 Cent’s Instagram post about the hack

His Twitter account was locked, making all posts inaccessible. This confirmation led to GUNIT’s continued decline, though it didn’t disappear entirely.

The Aftermath: What Happened to GUNiT?

Even after the revelation, GUNIT retained a market capitalization of around $150,000, with new purchases still coming in. This shows the speculative nature of meme coins, where even negative news doesn’t always deter investors.

50 Cent claimed the hackers made off with $300 million, but data suggests the token’s peak market cap was far lower. The actual amount the hackers could extract before the collapse remains unclear.

50 Cent Joins the List: Other Celebrity Crypto Hacks

50 Cent isn’t the only public figure to experience a hack during the celebrity meme coin craze. Earlier this month, Hulk Hogan’s Twitter was also compromised to promote a HULK token, which saw $82 million in trading volume in a single day.

These incidents highlight the risks associated with celebrity endorsements in the crypto space and the potential for malicious actors to exploit these trends.

Key Takeaways for Crypto Investors

  • Be Skeptical: Always approach celebrity-endorsed tokens with caution.
  • Do Your Research: Don’t invest based on hype alone. Understand the token’s fundamentals.
  • Beware of Pump-and-Dump Schemes: Rapid price increases followed by sudden crashes are red flags.
  • Verify Information: Confirm the authenticity of endorsements before investing.

In Conclusion: The Wild West of Celebrity Meme Coins

The 50 Cent Twitter hack serves as a stark reminder of the risks and volatility in the crypto market, particularly with celebrity-endorsed meme coins. While these tokens can offer quick gains, they also carry a high risk of losses. Investors should exercise caution, do thorough research, and be skeptical of hype. The world of crypto may seem like the Wild West at times, but with due diligence and a critical eye, you can navigate it more safely.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.