Cardi B’s $WAP Promo on X Might Not Be Legit – Experts

Cardi B unveiled her latest project on Tuesday – $WAP, a memecoin, accompanied by a video of an animated cat and a cryptic wallet address.

The reveal sparked concerns from crypto sleuths and community members alike. As blockchain investigators Wazz and PeckShield dug deeper into the matter, they discovered a complex web of connections. The latter asked people to be extremely cautious.

#PeckShieldAlert Cardi B's X account @iamcardib seems to be compromised. Be cautious when interacting with any address/link in the post. pic.twitter.com/dL3NNhSL6K
— PeckShieldAlert (@PeckShieldAlert) October 8, 2024

BubbleMaps, a blockchain data visualization platform, identified that 60% of the WAP supply was bundled at launch. It found that around $500,000 worth of tokens had already been dumped within 10 hours of the project’s launch.

$WAP a Return of Sahil Arora?

Some X users speculated that the $WAP token launch might be a comeback from notorious celebrity memecoin promoter Sahil Arora, who has been accused of perpetrating social engineering scams and other fraudulent activity.

Arora is a controversial young Indian entrepreneur known for leveraging his extensive celebrity network. for which he reportedly paid up to $300,000 for endorsements, as per CoinMarketCap. He faced accusations of orchestrating celebrity meme token launches that quickly rug-pulled. His history of allegations dates back to 2017 in India, where there were numerous claims of impropriety and scams linked to his ventures.

Celebrities Kylie Jenner and Iggy Azalea also took to social media to accuse Arora of “scamming” them. Arora, however, denied those claims.

Celebrity Memecoins Take the Crypto Market by Storm

Apart from this, media personality Caitlyn Jenner made waves in late May 2024 with the debut of her JENNER token on the Solana blockchain. This quickly achieved a market cap of over $40 million, driven by social media buzz and speculation about her involvement.

Rapper Iggy Azalea launched her MOTHER token on the same Solana network, and it has skyrocketed in value despite a controversial beginning.

The trend of celebrity memecoins is spreading beyond Jenner and Azalea. Nigerian artist Davido has entered the fray with his DAVIDO token, although critics have raised concerns about its legitimacy, alleging issues like pre-mining and token dumping. Other celebrities, including rapper Soulja Boy, have also jumped on the bandwagon.

The celebrity memecoin frenzy of 2024 arrived at a perfect moment for a crypto sector fatigued by months of stagnant price movements. This trend has generated substantial hype and trading volume in the short term, making meme trading more exciting than ever, the report noted.

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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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