In the quick-changing world of cryptocurrencies, even seemingly insignificant activities can have far-reaching effects. In light of this, let’s examine the tale of Cardano founder Charles Hoskinson, whose most recent social media post set off a negative development in the cryptocurrency market.
Hosinkson recently faced criticism for making the nickname “Freya” for his dog in a post. Since then, there has been a small dispute in which Hosinkson is knowledgeable about the details and has strong ideas. The furry event, which has been called “Hoskinson’s Furry Fiasco,” happened quite rapidly.
On December 10, Hoskinson posted a sweet tale on the social media network about his dog, Freya. Hoskinson included a cute photo of Freya with the hashtag “@FreyaHoskinson” with the post. He had no idea that his tiny action would spark a cryptocurrency frenzy. As soon as the label was released, sly individuals seized the chance to promote Freya, a meme coin inspired by dogs that wasn’t previously known in the Cardano community.
The @FreyaHosk Twitter handle of the Freya meme’s creators has been changed to @FreyaHoskinson. Even though the change was little, it gave the impression that Hoskinson was in favour of their idea. It had an immediate and strong effect. Under the false notion that their idol had endorsed the Freya token right away, more than a million members of Hoskinson’s fan base raced to invest in the token.
Consequently, Freya’s value surged tremendously, as seen by dexscreener statistics showing an 800% rise in the token’s value. Still, this bubble burst quickly. In less than fifteen minutes, the token’s value crashed, wiping out all gains and causing investors who traded during the surge to suffer substantial financial losses.
The cryptocurrency community reacted angrily to these events. This highlighted the necessity for prominent figures to exercise caution in their social media interactions, as many chastised Hoskinson for his negligence in labelling the accounts.
Following the uproar, Hoskinson deleted the disputed tweet and gave an explanation on Twitter. He made it rather evident that he had nothing to do with the Freya token or any of the NFT projects that were allegedly impacted by his personal life. Although Hoskin acknowledged that he liked some of the dog-themed artwork, he made it clear that this was merely an emotional reaction and that he did not support any ventures using this theme.
Surprisingly, Hoskinson’s actions caused a stir in the cryptocurrency market on previous occasions as well. He had earlier made an inquiry on the Cardano meme coin SNEK, which caused its value to soar.
There are about 400 holders at the moment, 350 of whom are on Ethereum and 50 of whom are on Cardano. This is an important lesson on the role that celebrities play in the world of digital currency and their obligations.
It is imperative to thoroughly examine any item posted or labelled on these financial sites because even a small assumption can cause significant changes. These instances highlight the care that influencers must take to prevent fostering false expectations through the dissemination of unsubstantiated rumours, which can lead to erratic yet harmful market behaviour.
