The post Cardi B Promotes WAP Memecoin—Price Crashes 80% in One Day! appeared first on Coinpedia Fintech News
The memecoin trend is getting bigger, and many celebrities are joining in. Famous names like Donald Trump, Elon Musk, Andrew Tate, Wiz Khalifa, and Caitlyn Jenner have promoted different memecoins.
But many of these coins turned out to be scams or caused big problems.
Now, Grammy-winning American rapper Cardi B has found herself in the middle of a crypto storm after promoting the WAP memecoin. After the post, crypto watchers quickly called it out, warning it could be another scam.
Cardi B Promotes WAP Memecoin
On her official X account, Cardi B shared a post about the WAP, a cat-themed memecoin and abbreviation of “Wet Ass Pussy. She even included a wallet address in her tweet, saying it was “even wetter then last time,” a reference to her famous song.
Right after this, several people in the crypto world spoke out. They said that the wallet address Cardi B posted has been linked to shady activity before.
Meanwhile, this isn’t the first time Cardi B has promoted the WAP token. Last year in October, she promoted $WAP and posted the same wallet address. Back then, blockchain security experts warned that this address could be used for scams.
Why Are Experts Calling It a Scam?
Popular crypto investigator ZachXBT questioned why Cardi B would share this memecoin now. He suggested that maybe Cardi B is trying to make money fast because she’s in the middle of a messy split from her husband, Offset.
Cardi B had even said that Offset wasn’t helping with child support, so some wonder if she’s promoting these coins to cover her bills.
WAP Token Price Crashed BY 80%
Right after Cardi B posted about it, the value of the token market cap quickly dropped, from $2.5 million to just $139,000 in a few minutes. As of now, WAP token is trading around $0.000197, reflecting a price drop of 80% in a day.
Pseudonymous detective crypto noticed something strange with the WAP memecoin. He highlighted that some whales had bought WAP tokens about five days before the tweet.
Just after Cardi B’s post, these people sold their tokens fast and made about 10x the money they invested.
Experts believe she might have helped cause the price jump on purpose to make money, a move called “pump and dump.”