tl;dr
Cardi B promoted a new meme coin named $WAP on her X account, but security experts suggested her account may have been compromised. Concerns were raised about the legitimacy of the coin, with warnings of a potential scam and fears of a "rug pull" scheme. Despite a spike in activity and the involveme...
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Cardi B promoted a new meme coin named $WAP on her X account, but security experts suggested her account may have been compromised. Concerns were raised about the legitimacy of the coin, with warnings of a potential scam and fears of a "rug pull" scheme. Despite a spike in activity and the involvement of a prominent crypto influencer, questions about the coin's legitimacy persist. Additionally, there were sponsored offers related to cryptocurrency exchanges at the end of the content.
CARDI B SHARES $WAP VIDEO The rapper, who has been in the news lately after claims emerged that she had undergone surgery, set off events with an October 7 post on X with a picture of her holding a cat. In the post, Cardi B, whose real name is Belcalis Marlenis Almanzar, referred to the cat as a “new family member.” She further asked her followers to guess its name. Hours later, she made another post stating, “Her name is $WAP.” The tweet also contained a wallet address as well as a brief animated video seemingly promoting a meme coin. The promotion quickly caught the attention of the crypto community, with many voicing concerns about its legitimacy.
POSSIBLE RUG PULL? Adding to the unease around the launch of $WAP, crypto sleuth CryptoRugMunch highlighted a troubling trend: the top 200 wallets holding the coin’s supply were newly created, with most funded by larger wallets within the project. The setup sparked fears of a potential rug pull, a scam in which developers drain liquidity and leave investors with worthless tokens. At the time of writing, $WAP had amassed a total liquidity of $548,000 and a fully diluted valuation (FDV) of $17.6 million. Additionally, the coin’s price stood at $0.01766, showing a spike in activity with over 20,000 transactions in just a few hours, according to data from Dexscreener. Despite this, questions around its legitimacy still persist, with some wondering whether it will end up like other celebrity-backed meme coins that turned out to be scams.
The apparent involvement of prominent crypto influencer Ansem also added fuel to the debate after he reacted to Cardi B’s initial X post asking followers to guess her new cat’s name. Ansem, who boasts more than half a million followers on X, responded by calling it “CAT SZN,” in a post that has been viewed more than 141,000 times. The influencer is no stranger to controversy. Recently, he found himself at the center of a heated debate with blockchain investigator ZachXBT, who accused him of promoting low-cap meme coins to his followers. The detective claimed the coins often leave retail investors holding the bag when their value plummets.
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