Dior Coin Plummets Over 90% After Being Exposed as a Fake Solana Meme Coin

A recent incident involving the luxury brand Dior has left many in the cryptocurrency community stunned. On February 19, the official Instagram account of Dior was hacked, and a post was uploaded promoting a fake Solana meme coin called the Dior Official Coin.

The post was shared with the account’s 46.8 million followers, and many users quickly suspected that the account had been compromised. While some joked about the Instagram admin needing money, others were more cautious, warning others about the potential scam.

“DIOR OFFICIAL COIN. The exclusive luxury crypto on Pumpfun, Secure, innovative, and ready for the future,” wrote the hacker on the post’s caption, accompanied by a picture of the Dior logo on a black backdrop with the Solana logo looming above it.

The Rise and Fall of the Dior Coin

According to data, the Dior coin was launched on Solana through the popular meme coin launchpad pump.fun on February 19. Its value skyrocketed to 138% mere minutes after its launch, accumulating a trading volume of over $1 million in the past 24 hours.

However, after the account was recovered, and the post was deleted, the Dior coin’s value plummeted by more than 90%. At present, there are around 876 traders still holding onto the meme coin, which has a low liquidity of $8,730 and a fully diluted volume of $6,430.

Warning Signs and Red Flags

The incident highlights the importance of being cautious when investing in cryptocurrencies, especially those with low liquidity and unverified sources. Some key takeaways from this incident include:

  • Be wary of unsolicited promotions, especially those from verified accounts.
  • Verify the authenticity of the project and its team.
  • Research the market and liquidity before investing.
  • Be cautious of pumps and dumps, and avoid investing in FOMO (fear of missing out).

Similar Incidents

This incident is not an isolated event. Earlier this month, the X account of Solana DEX aggregator Jupiter was hacked, and a fake meme coin inspired by Jupiter’s cat mascot called MEOW was promoted.

These incidents serve as a reminder of the importance of security and caution in the cryptocurrency space. As the market continues to evolve, it’s essential to stay informed and vigilant to avoid falling prey to scams and fake projects.

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