Grammy-winning rapper Cardi B has seemingly launched a meme-inspired cryptocurrency under the $WAP ticker, in a reference to one of her most popular songs with Megan Thee Stallion. The project’s debut, however, has been shrouded in controversy including insider trading concerns.
According to a post by on-chain analytics firm Bubblemaps on the microblogging platform X (formerly known as Twitter), first reported on by Decrypt, the launch saw 60% of the total supply of $WAP “bundled,” meaning multiple wallets were used to purchase tokens, creating an illusion of widespread participation.
These insiders allegedly dumped $500,000 worth of tokens within 12 hours, potentially profiting by at least $250,000. The project’s legitimacy has been questioned as while Cardi B’s X account has published a video promoting it, the rapper hasn’t publicly commented on the project outside of that post, with various users suggesting the account could have been hacked.
Celebrities launching or promoting meme-inspired cryptocurrencies that often end up being abandoned is nothing new. One notable exception is Iggy Azalea’s Mother Iggy ($MOTHER) token, which the Australian rapper launched on the Solana blockchain and has kept on supporting it.
Azalea actively promotes the MOTHER token on her social media channels, using her 8 million followers on X (formerly Twitter) to create buzz and interest through engaging and provocative posts that have kept the community highly active and involved with the token, garnering significant attention and experiencing rapid price increases.
Azalea has integrated the MOTHER token with real-world applications. Specifically, she is relaunching her telecommunications company, allowing users to purchase mobile devices and monthly subscription plans using the MOTHER token or Solana (SOL). This integration aims to provide some practical use cases for the token, potentially boosting its value and appeal.
Featured image via Pixabay.
