Cardi B's WAP Token Promotion: A Controversial Crypto Journey
In a surprising move on October 8th, American rapper Cardi B shared a promotional post for WAP, a cat-themed memecoin, through her official X account. This post, accompanied by a video featuring WAP’s mascot, included a cryptographic wallet address that soon attracted scrutiny from crypto investigators.
The Link to a Notorious Crypto Scammer
According to Cointelegraph, investigations led by blockchain sleuth Wazz uncovered that the wallet address shared by Cardi B was linked to a seasoned crypto scammer known for orchestrating multiple rug pull schemes. The findings raised questions about the authenticity of the WAP token and its promotion.
The Speculations: Hacked Account or Planned Promotion?
Initially, the crypto investigation firm PeckShield speculated that Cardi B’s X account might have been compromised by a scammer who used her platform to promote the WAP token. However, this theory was met with skepticism after Cardi B tweeted several cat-related posts, indicating a pre-planned strategy behind her endorsement of the WAP token. Wazz refuted the hack speculation, asserting that the promotion was intentional.
The Broader Context of Celebrity-Linked Crypto Tokens
Regardless of whether the WAP token is a scam or a legitimate project, the incident shines a light on the increasing prevalence of scams and rug pulls within the realm of celebrity-related cryptocurrencies. A report from BubbleMaps, a blockchain data visualization platform, revealed that a staggering 60% of the WAP token supply was bundled at launch. Within just 10 hours of its introduction, approximately $500,000 worth of tokens had already been dumped by early investors.
Tracing the Movement of WAP Tokens
BubbleMaps further noted that 15 crypto addresses associated with the WAP token had funding from a crypto exchange wallet. These addresses subsequently transferred their WAP holdings across nearly 100 wallets, all in a bid to obscure their activities from scrutiny. This lack of transparency raises significant red flags for potential investors.
The Reaction from Fellow Rappers
Cardi B was not the only rapper involved in the memecoin frenzy. Iggy Azalea, another prominent figure in the music industry, seized the opportunity to criticize Cardi B’s endorsement of the WAP token with her own celebrity memecoin, known as Mother Iggy (MOTHER). The rivalry between the two artists added another layer of drama to an already contentious situation.
Suspicions Surrounding Sahil Arora
Furthermore, the crypto community has connected the dots to Sahil Arora, the alleged mastermind behind multiple celebrity memecoins. A previous investigation by ZachXBT estimated that Arora earned over $3 million in 2024 through his ventures in launching various celebrity tokens. His involvement in social engineering scams has drawn ire from both fans and industry insiders.
The Future of Celebrity Cryptocurrencies
The controversies surrounding the WAP token underscore a significant trend lately within the cryptocurrency sphere—celebrity endorsements can often lead to dubious financial ventures. As more celebrities engage with crypto tokens, the need for transparency and a cautious approach becomes ever more paramount for both influencers and their fan bases. The situation serves as a reminder for potential investors to conduct thorough research before diving into any token associated with celebrities.
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