The alleged hacking of Vivek Ramaswamy's X account caused a frenzy in the market.
A false post claimed a partnership between Ramaswamy and USUAL, which caused a spike in the project's governance token.
Despite the post being removed, the market cap of USUAL increased by 29.3% over the previous 24 hours.
The trading volume for USUAL's token also saw a significant increase, with $1.7 billion worth of transactions recorded.
The market cap of USUAL's stablecoin, Usual USD, reached $1.2 billion.
The hack and misinformation affected both USUAL and the D.O.G.E. initiative.
The incident highlights the vulnerabilities in the cryptocurrency space and the need for greater scrutiny of announcements made on social media platforms.
Ramaswamy has not publicly addressed the alleged breach of his account.
The incident may complicate efforts to establish trust in the D.O.G.E. initiative.
Stakeholders are closely monitoring the situation as it may have significant financial implications.