Cardi B’s promotion of the WAP memecoin on X recently caused quite a stir in the cryptocurrency world. The rapper took to social media to endorse the Wet Ass and Pussy (WAP) token, leading to a significant price surge. Within minutes of her post, the token’s value skyrocketed from $0.0011 to $0.0022, marking a 100% increase.
However, the excitement was short-lived as the market cap of WAP quickly plummeted from $2.5 million to just $139,000. It was revealed that wallets had quietly accumulated the token five days prior to Cardi B’s promotion and swiftly sold off their holdings after the price surge, making a quick profit.
This isn’t the first time WAP has experienced a volatile market. Cardi B had previously promoted the token in October last year, which resulted in a brief surge to a $40 million market cap before crashing below $200,000. The token was even flagged for potential malicious activity by security firm PeckShield.
Crypto commentator Patrick Schmitt criticized those who fell for Cardi B’s promotion once again, calling it a “Ghetto Trash Scam.” On-chain detective ZachXBT also weighed in on the situation, suggesting that Cardi B’s motives for promoting WAP may be financially driven, especially considering her ongoing legal battle with Offset over child support and alimony.
The cryptocurrency community remains cautious about WAP and similar meme coins, emphasizing the importance of conducting thorough research before investing in such volatile assets. Cardi B’s involvement in the promotion of WAP serves as a reminder of the risks associated with celebrity endorsements in the cryptocurrency space.