In recent years, meme coins have surged in popularity within the cryptocurrency community, captivating the attention of both seasoned traders and casual investors alike. These cryptocurrencies, often named after internet memes or pop culture references, thrive on community engagement and social media buzz. While some have shown remarkable returns, many others have spiraled into obscurity or outright scams. The rise of meme coins can be attributed to their viral marketing potential, and their recent surge has drawn in celebrities seeking to capitalize on this trend. One prominent example emerged when rapper Cardi B posted about a newly launched meme coin, rumored to be named after her iconic track.
Cardi B’s Intriguing Announcement
On October 7, Cardi B, whose real name is Belcalis Marlenis Almanzar, took to her X account to share a lighthearted post featuring a new feline companion. Her followers were encouraged to guess its name, which was later revealed to be $WAP—a name that resonates with her hit single from 2020. While on the surface, this seemed like a harmless celebrity interaction, it quickly became apparent that the post was more than just an innocent cat reveal. Accompanying her announcement was a video, showcasing a promotional push for the $WAP meme coin.
As soon as the post went live, the crypto community erupted with excitement and skepticism alike. The juxtaposition of a celebrity’s casual interaction and a serious investment opportunity raised alarms, leading some industry experts to scrutinize the post for signs of security breaches.
Almost immediately after Cardi B’s revelation, blockchain security firm Peckshield issued warnings regarding the safety of her account. They speculated that her X account may have been compromised to promote what could be a scam. The messaging was crystal clear: users should exercise extreme caution before engaging with any links or wallet addresses associated with $WAP. While some of Cardi B’s devoted fans brushed off these warnings as overreactions, significant skepticism remained.
The scrutiny intensified when blockchain analyst CryptoRugMunch highlighted concerning data regarding the top wallets holding $WAP. Most wallets appeared to be newly created and were predominantly funded by larger wallets tied directly to the project. This kind of behavior raised red flags notorious within the crypto community, hinting at the potential for a “rug pull”—a scam where developers abandon the project and take off with investors’ funds.
As of now, $WAP seems to have attracted considerable attention, accumulating a total liquidity of approximately $548,000 and a fully diluted valuation (FDV) of about $17.6 million. The coin managed to spike in activity with over 20,000 transactions occurring shortly after its launch, and a price positioned around $0.01766. However, these figures leave significant doubts in their wake, as many investors wonder if $WAP can sustain its momentum or if it will become another cautionary tale like many other celebrity-backed meme coins that faded into obscurity.
The immense activity surrounding $WAP as a meme coin raises critical questions about the integrity of its formation. Does the promotional effort solely rely on Cardi B’s image, or is there substantive value within the coin itself? Celebrity endorsements alone can drive initial hype, but the long-term viability of the project must be scrutinized beyond mere social media presence.
A Social Media Balancing Act
In the aftermath of Cardi B’s posts, crypto influencer Ansem’s involvement added yet another layer to this unfolding narrative. His playful response eclipsed the discussion about the coin, generating substantial views yet drawing both intrigue and skepticism. Ansem’s history of engaging in controversies regarding low-cap meme coins raises questions about his intentions and the messages conveyed through his platform. While he and other influencers enjoy vast followings, they bear responsibility in educating their audiences on the potential traps that can ensnare inexperienced investors.
Ultimately, Cardi B’s promotional endeavor highlights the dual nature of the cryptocurrency landscape—the tantalizing allure of incredible returns juxtaposed against the very real risks of scams and deceptive schemes. As the story unfolds, the crypto community is already left wondering whether $WAP’s narrative will evolve positively or join the ranks of other cautionary tales that illuminate the darker corners of the crypto world.