Cardi B Launches Meme-Inspired Cryptocurrency $WAP, But the Project Is Shrouded in Controversy

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.

Grammy-winning rapper Cardi B has reportedly launched a meme-inspired cryptocurrency called $WAP, referencing her hit song with Megan Thee Stallion. However, the project's debut has been marred by insider trading concerns.

On-chain analytics firm Bubblemaps highlighted the launch in a post on X (formerly Twitter), which was first reported by Decrypt. The launch saw 60% of the total supply of $WAP “bundled,” indicating that multiple wallets were used to purchase tokens simultaneously, creating an illusion of widespread participation.

These insiders then allegedly dumped $500,000 worth of tokens within 12 hours, potentially profiting by at least $250,000. The project's legitimacy has also been questioned, as Cardi B's X account posted a video promoting $WAP, but the rapper has not commented on the project publicly outside of that post, leading some users to suggest that her account may have been hacked.

60% of the supply bundled at launch

already dumped $500k

her name is $WAP

pic.twitter.com/Ib6gkW2bHn

— Bubblemaps (@bubblemapsNFT) March 10, 2023

Celebrities launching or promoting meme-inspired cryptocurrencies that are often abandoned is not a new phenomenon. However, one notable exception is Iggy Azalea's Mother Iggy ($MOTHER) token, which the Australian rapper launched on the Solana blockchain and has continued to support.

Azalea actively promotes the MOTHER token on her social media channels, using her 8 million followers on X (formerly Twitter) to generate buzz and interest through engaging and provocative posts that have kept the community highly active and involved with the token, leading to significant attention and rapid price increases.

Imagine the noise if I’d bundled 60% of $MOTHER before promoting it lmaooo

We’re building a blue chip not a scam.

Azalea has also integrated the MOTHER token with real-world applications. She is relaunching her telecommunications company, which will allow users to purchase mobile devices and monthly subscription plans using either the MOTHER token or Solana (SOL). This integration aims to provide some practical use cases for the token, potentially boosting its value and appeal.

Highlighting the contrasting approaches, the varying degrees of celebrity involvement, and the impact on the respective meme-inspired cryptocurrencies' trajectories could serve as interesting points of analysis for those following the unfolding events in the worlds of entertainment and decentralized finance (DeFi).

Featured image via Pixabay.

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