Cardano Founder Denies Endorsing Memecoin and NFT Advertisements

Cardano's founder, Charles Hoskinson, refutes any association with memecoins, such as Freya, following a controversial tweet that resulted in significant losses for numerous investors.

Cardano Founder Denies Endorsing Memecoin And Nft Advertisements_65b9797da81d6.webp

Cardano’s Founder Charles Hoskinson has distanced himself from projects like Freya and other NFT ventures after a recent controversy led to substantial losses for numerous investors.

In an attempt to share an update on his beloved dog, Freya, Hoskinson inadvertently promoted a memecoin project on the X platform (formerly Twitter). The Cardano founder posted a charming photo with his dog, but mistakenly tagged an account associated with a canine-themed token that shared the same name as his pet.

Seizing the opportunity, the team behind the Cardano-native meme coin, $FREYA, leveraged the tweet to assert that Hoskinson’s post about Freya was an endorsement of their meme-based cryptocurrency to his nearly one million followers.

This manipulation led to a rapid surge in the price of FREYA, soaring by an astonishing 800% to $0.1342 within minutes. However, this bullish trend was short-lived, as the token swiftly retraced all gains, plummeting to $0.00847, as reported by Dexscreener. At the time of writing, FREYA was trading at $0.00842.

Unsurprisingly, investors who incurred substantial losses due to the sudden volatility criticized the Cardano boss, holding him responsible for their financial setbacks. In light of this incident, they emphasized the importance of conducting thorough due diligence before tagging accounts on the X platform, urging caution to prevent a recurrence of such issues.

In response to the unfolding events, Hoskinson vehemently disassociated himself from the Cardano-native memecoin and other non-fungible token (NFT) ventures.

cardano founder denies endorsing memecoin and nft advertisements 65b9797daa9f6

While expressing appreciation for the creativity behind artworks inspired by his life, Hoskinson clarified that he does not endorse such projects and has not undertaken any due diligence regarding them.

Acknowledging the concerns raised by the community, Hoskinson conveyed his gratitude and underscored that he does not seek commercial gain from these endeavors. Furthermore, he affirmed that he has not entered into any collaborations for such purposes.

Related: Robinhood Expands Crypto Trading to Europe with Solana, Polygon, and Cardano

Contrary to Hoskinson’s recent assertion, it is noteworthy that the Cardano founder had previously sought input from his followers on a meme-based cryptocurrency. Specifically, he had inquired about Snek (SNEK), a Cardano-native meme coin that had garnered substantial popularity.

Despite Hoskinson’s reputation for meticulous attention to detail, the recent turn of events has left many Cardano enthusiasts surprised and intrigued.

(100 votes)

5.0/5

(100 votes)

Latest

Bnb Sets New All Time High After Surging 21% In A Week

News | Altcoin | Editor Choice

BNB Sets New All-Time High After Surging 21% in a Week

After surging 21% in just a week, BNB has soared to a new all-time high, capturing the spotlight as the cryptocurrency market rallies.

Crypto Whales Intensify Activity In Uptober As Market Cap Surpasses $4 Trillion

News | Altcoin | Editor Choice

Crypto Whales Intensify Activity in Uptober as Market Cap Surpasses $4 Trillion

The global cryptocurrency market kicked off “Uptober” with renewed enthusiasm as total capitalization surpassed $4 trillion, while whale activity surged — hinting at strategic moves across Bitcoin, Ethereum, and key altcoins amid growing market volatility.

Bitcoin Hits A New Ath As Profit Margins Continue To Shrink

News | Bitcoin | Editor Choice

Bitcoin Hits a New ATH as Profit Margins Continue to Shrink

Although Bitcoin (BTC) continues to set new price records after every halving, historical data shows that the world’s largest cryptocurrency is experiencing diminishing returns with each new cycle.

Cz Says He Was Threatened To Pay $4.4 Billion

News | Editor Choice | Policy & Regulations

CZ Says He Was Threatened to Pay $4.4 Billion

CZ, the founder of Binance, has shaken the crypto world by claiming he was threatened to pay $4.4 billion to avoid false accusations that his exchange financed terrorism.

Binance Hits Record Altcoin Trading Volume As Altseason Heats Up

News | Altcoin | Editor Choice

Binance Hits Record Altcoin Trading Volume as “Altseason” Heats Up

Binance has set a historic record as altcoins captured 82.3% of total trading volume, signaling a new “altseason” fueled by surging institutional inflows and investor demand for non-Bitcoin tokens.

Screenshot 2025 09 10 100533