- Hip-hop artist Cardi B isn’t backing down from her latest cryptocurrency venture.
- The rapper is boldly promoting his newly released suspicious token.
- Cardi B’s memecoin is receiving a lot of backlash from the community.
American rapper Cardi B recently entered the cryptocurrency industry, picking up where the months-long celebrity memecoin craze left off. On October 8, 2024, Cardi released $WAP, a cat-themed meme coin modeled after her hit song. But the poorly executed launch quickly raised red flags across the industry and led many to worry that the rapper’s account may have been compromised. teao Goal Innocent investors.
Surprisingly, subsequent promos suggest the launch was more of a calculated play than a hack.
Cardi B doubles with token launch
In response to concerns that her In a live space on Wednesday, October 9, the US-based rapper dismissed the hacking claims as mere rumors and urged his followers to ignore the skepticism and continue investing in memecoin.
This comment followed additional promotional posts on her account following the launch of Solana-based tokens, inviting her followers to join her Telegram community.
Reinforcing its defenses, the project’s official account also released a promotional video featuring Cardi touting the tokens, with the goal of reassuring her followers about the legitimacy of the project.
But while speculation about a possible hack has died down, backlash over the project’s legitimacy remains strong.
Cardi B’s WAP Token Is on Fire
Reactions to Cardi B’s memecoin launch have been largely negative, with many people expressing their concerns and disgust over the project as yet another fraud scheme.
Several community members have urged investors to avoid this venture, arguing that it will likely end up as a rug-pull that results in losses for participants. Cryptocurrency researcher WazzCrypto has cynically rebranded the token. “Her name is WAP” slogan “Her name is crime” It reflects the sentiment that the project is just another headache.
Additionally, insiders associated with the token reportedly pocketed around $250,000 in profits since its launch, further sparking criticism of the carefully orchestrated rug pull.
On the flip side
- Similar promotions from other celebrities faces regulatory scrutiny In the past, severe punishment was imposed.
- Cardi B’s WAP token has fallen more than 60% since launch.
- The lack of industry knowledge among celebrities suggests that these ventures are often aimed at making quick profits rather than making a genuine contribution.
Why This Matters
Despite confirmation that the WAP memecoin is backed by Cardi B, such projects have historically proven disastrous. In an industry that relies heavily on trust, misusing the influence of celebrities can have disastrous consequences and ultimately undermine the integrity of the broader ecosystem.
Read here to learn more about the rise and fall of many celebrity-backed cryptocurrency projects.
All Solana celebrity cryptocurrencies are down significantly: Here’s why.
Ever wonder why these influential figures turn to the industry? Find the answer in this article:
Why are celebrities turning to cryptocurrencies? History and Psychology