- Hip Hop artist Cardi B is not backing down from her latest crypto venture.
- The rapper is boldly promoting her suspicious newly launched token.
- Cardi B’s memecoin is facing heavy backlash from the community.
American rapper Cardi B has recently forayed into the crypto industry, picking up from where the months-long celebrity memecoin frenzy left off. On October 8, 2024, Cardi unveiled $WAP, a cat-themed memecoin styled after her hit song. However, the poorly executed launch quickly raised red flags across the industry, leading many to worry that the rapper’s account might have been compromised to target innocent investors.
In a surprising twist, subsequent promotions suggest that the launch might be less of a hack and more of a calculated play.
Cardi B Doubles Down on Token Launch
Addressing concerns that her X (formerly Twitter) account had been hacked, Cardi B firmly defended the promotion of her new WAP token. During a live space on Wednesday, October 9, the US-based rapper dismissed the hack claims as mere rumors, urging her followers to ignore the skepticism and continue investing in the memecoin.
The comments followed additional promotional posts made to her account following the launch of the Solana-based token, inviting her followers to join a Telegram community.
Strengthening the defense, the project’s official account also released promotional videos featuring Cardi touting the token, aiming to reassure her followers about the project’s legitimacy.
However, while the speculation about a potential hack has been quelled, the backlash regarding the project’s legitimacy remains strong.
Cardi B’s WAP Token Under Fire
The response to Cardi B’s memecoin launch has been largely negative, with many expressing concern and disgust over the project as yet another fraudulent scheme.
Several community members have urged investors to steer clear of the venture, asserting that it will likely end in a rug pull that leaves participants at a loss. Crypto investigator WazzCrypto sarcastically rebranded the token’s “Her Name is WAP” slogan to “Her name is crime,” echoing the sentiment that the project is just another grift.
Additionally, insiders associated with the token have reportedly pocketed around $250,000 in profit since launch, further fueling accusations of a carefully orchestrated rug pull.
On the Flipside
- Similar promotions by other celebrities have faced regulatory scrutiny and hefty penalties in the past.
- Cardi B’s WAP token has crashed over 60% since launch.
- The apparent lack of industry knowledge among celebrities suggests that these ventures are often aimed at quick profits rather than genuine contributions.
Why This Matters
Despite the confirmation that the WAP memecoin is backed by Cardi B, such projects have historically proven to be recipes for disasters. In an industry heavily reliant on trust, the misuse of influence by high-profile figures can lead to disastrous outcomes, ultimately undermining the integrity of the broader ecosystem.
Read here for more about the rise and fall of many celebrity-backed crypto projects:
Every Solana Celebrity Crypto is Massively Down: Here’s Why
Curious about why these influential figures even turn to the industry? Discover answers in this article:
Why Do Celebrities Turn to Crypto? History and Psychology
