Meme coin news is buzzing with the recent launch of WAP, a cat-themed meme coin introduced by rapper Cardi B. Built on the Solana blockchain, WAP has a total supply of 1 billion tokens. Currently, WAP is priced around 0.00016 SOL, with a market cap exceeding $23 million. However, the token's value has seen a significant drop of over 60% from its peak of 0.26 SOL.
The WAP meme coin has a dedicated website showcasing Cardi B's imagery and music, enticing visitors to buy the token. As meme coins continue to drive substantial capital flows in the crypto market, many celebrities are seizing the opportunity to join this trend.
Price volatility is a notorious characteristic of celebrity-backed meme coins. Statistics indicate that most tokens associated with celebrities may drop between 70% and 99%, raising concerns among investors.
An investigation by Kwant revealed unsettling links between the WAP team and the creators of the meme coin ANDY. Clicking the Instagram icon on WAP's website directed users to ANDY's Instagram page. Furthermore, a user named CryptoRugMunch provided video evidence supporting these findings. WAP's Telegram group reportedly shares administrators with ANDY's group, although these admins have vanished following the discovery.
On-chain investigations have highlighted irregularities in WAP's token distribution. Reports suggest that around 200 top wallets hold a significant portion of WAP's supply. These wallets received small amounts of SOL from larger wallets to facilitate their purchases.
