tl;dr
Rapper Cardi B has launched a new meme coin called WAP, built on Solana, with a total supply of 1 billion tokens. The token's market cap exceeds $23 million but has dropped more than 60% from its peak value. There are irregularities in WAP's token distribution, with evidence suggesting that the team...
Rapper Cardi B has launched a new meme coin called WAP, built on Solana, with a total supply of 1 billion tokens. The token's market cap exceeds $23 million but has dropped more than 60% from its peak value. There are irregularities in WAP's token distribution, with evidence suggesting that the team behind WAP may be linked to the meme coin ANDY. Additionally, there are concerns about the security of Cardi B's account. The WAP token's top wallets hold the majority of its supply, with warnings of potential scams. Despite this, Cardi B has not provided any clarification regarding the WAP meme coin.
Celebrities launching their own meme coins often stir controversy, and rapper Cardi B is no exception. Today, she introduced a new meme coin, WAP. However, the crypto community quickly pointed out several irregularities surrounding WAP’s tokenomics and the team behind it.
WAP, a meme coin built on Solana, has a total supply of 1 billion tokens. According to Dexscreener, WAP is currently priced around 0.00016 SOL, with a market cap exceeding $23 million. The token’s value has dropped more than 60% from its peak of 0.26 SOL. WAP also boasts a dedicated website featuring Cardi B’s imagery and music, urging visitors to purchase the token. Meme coins continue to be one of the most powerful narratives attracting strong capital flows in the market to date. Many celebrities have not missed the opportunity to cash in on this trend.
An investigation by Kwant provided evidence that the team behind WAP may be the same group that created the meme coin ANDY. According to Kwant, clicking the Instagram icon on WAP’s website redirected users to ANDY’s Instagram page. Another user, CryptoRugMunch, recorded a screen video confirming Kwant’s findings. Furthermore, WAP’s Telegram group shares the same administrators as ANDY’s group. However, those admins disappeared after these connections were discovered. An additional on-chain investigation revealed irregularities in WAP’s token distribution. The investigation suggests that around 200 top wallets hold the majority of WAP’s supply, and these wallets have been funded with small amounts of SOL from larger wallets to purchase the supply themselves.
PeckShield, a Web3 security firm, has warned that Cardi B’s account might have been compromised. However, so far, she has not provided any clarification regarding the WAP meme coin. Investors buy meme coins for various purposes. Some take on high risks in the hopes of large returns, while others buy simply out of admiration for their favorite celebrity. Vitalik Buterin has previously criticized celebrity meme coins for lacking long-term value.