Carlos HoskinsonThe founder and creator of Cardano has recently caused quite a stir in the cryptocurrency community when he unknowingly promoted a meme cryptocurrency project known as Freya via social media.
Importance of Cardano founder's inadvertent mistake
The recent development came after Charles Hoskinson posted an adorable photo of himself and his dog named Freya on X (formerly Twitter) yesterday. Initially, the Cardano founder's X post was intended to provide an update on the growth of his dog.
However, Hoskinson ended up tagging an X account with a dog-themed token that has the same name as his dog. This originally attracted interest from the cryptocurrency community and investors towards the same corner.
The creators of the native Cardano meme coin used the tweet to popularize $FREYA, their token. They claimed Hoskinson was promoting the meme-based cryptocurrency to his nearly one million followers with his X post about Freya.
Prior to the tweet, memecoin account X 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 position.
The meme coin gained enormous traction as a result of this, causing its price to skyrocket by 800% to $0.1342. However, this large demonstration only lasted about 15 minutes as Hoskinson deleted the post.
This caused significant losses for investors who have since criticized Hoskinson and blamed him for their losses. They also advised him to always do proper research before linking accounts on Platform X, to prevent the problem from happening again.
The crypto community and investors' interests also seem to have been bolstered by the love they have for Hoskinson and his dog. Several comments were seen stating that this was the reason why they changed their focus to memecoin.
Charles Hoskinson's reaction to the development
Until now, the cardano foundedr has stated that he has no connection to 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 done any due diligence on them.
The charge read:
Just to make it absolutely unambiguous. I have nothing to do with fan projects like Freya or other nft works. It's flattering that people make artwork about my dog or my life, but I am not affiliated, have not done any due diligence on these projects, and do not endorse them.
Furthermore, he expressed his gratitude and acknowledged the important concern of the crypto community. However, he clarified that he does not trade with her and has not entered into any partnership for that reason.
Featured image from iStock, chart from Tradingview.com
