Cardi B’s recent promotion of the WAP crypto token has stirred significant controversy.
Celebrity Launch Raises Red Flags in Crypto Community
Investigators have linked the token’s associated wallet address to past scams. The launch of this cat-themed memecoin, short for “Wet Ass Pussy,” coincided with a promotional post shared on Cardi B’s official X account on October 8. This has raised concerns within the crypto community regarding its legitimacy.
Investigating the Wallet Address
The crypto wallet address shared by Cardi B has come under scrutiny. Blockchain investigator Wazz traced it back to a known crypto scammer. His investigation revealed that the address had connections to numerous rug pull projects. This connection suggests that the WAP token may not be as legitimate as initially believed. Crypto investigation firm PeckShield expressed concerns that Cardi B’s account may have been compromised, leading to the promotion of the token.
Unplanned or Pre-Planned Launch?
Despite speculation about a potential hack, evidence suggests that Cardi B may have pre-planned the WAP memecoin launch. She tweeted about cat-related themes prior to the announcement. Wazz refuted claims of account hacking, indicating that the promotion appeared to be organized and intentional. He noted, “She’s not compromised, it was planned, multiple shills/cartoon/prev tweets.” The crypto community remains divided on whether this is a legitimate venture or a potential scam.
Community Reactions and Concerns
The crypto community’s reactions reflect heightened vigilance. Many members are aware of the ongoing prevalence of scams and rug pulls associated with celebrity tokens. BubbleMaps, a blockchain data visualization platform, identified that 60% of the WAP supply was bundled at launch. They also reported that approximately $500,000 worth of tokens were sold off within 10 hours of the project’s initiation.
Rug Pull Allegations Surface
Concerns about a rug pull continue to emerge as BubbleMaps identified suspicious activity. Fifteen crypto addresses, funded by a single exchange wallet, transferred their WAP holdings across about 100 wallets. The same address then attempted to obscure its activities by shifting tokens to new addresses. BubbleMaps noted, “Good try,” highlighting the attempts to hide the movements.
Celebrity Token Trends and Criticism
Iggy Azalea, another well-known rapper, criticized Cardi B’s token launch. Azalea promotes her own celebrity memecoin, Mother Iggy, suggesting a competitive landscape among celebrity-backed tokens. Users on X have also voiced suspicions about Sahil Arora, known for launching numerous celebrity memecoins. Arora has previously faced accusations of social engineering scams and other fraudulent activities.
A Broader Concern for Investors
The emergence of celebrity-promoted tokens raises alarms for investors. Reports suggest that Sahil Arora earned over $3 million in 2024 from his ventures into celebrity memecoins. The crypto community faces increasing risks due to the actions of individuals who exploit the allure of celebrity endorsements.
Final Thoughts on the WAP Token Controversy
The controversy surrounding the WAP crypto token highlights critical issues in the cryptocurrency landscape. Whether it is a scam or a legitimate project, the potential for fraud looms large in the realm of celebrity tokens. As investigations continue, the crypto community must remain vigilant to protect themselves from scams and unethical practices.
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