Doja Cat's meme coin, named after the artist, experienced a rapid surge in value after hackers took control of her X account, urging her followers to invest.

Despite the endorsements being fraudulent, the coin briefly spiked before plummeting back to very low values, highlighting the extreme volatility of meme coins.

By Tuesday afternoon, Doja Coin, with a total market value of $13,700, remained at a fraction of a penny per coin.

This incident underscores the risks associated with celebrity-backed meme coins and their susceptibility to manipulation and sudden market fluctuations.