Cardi B's X account has sparked controversy by promoting a new meme token called WAP amidst concerns of a potential hack. The blockchain security firm PeckShield has alerted users, stating, 'Cardi B's X account seems to be compromised. Be cautious when interacting with any address/link in the post.'
The WAP token launched alongside an official website and a dedicated X handle late Monday, seemingly inspired by Cardi B's popular song. A video post on the account appeared to feature the rapper endorsing the cat-themed token, which was a direct response to rapper Iggy Azalea who recently introduced her own token, MOTHER, alleging that WAP was a scam.
Despite the typical swift removal of fraudulent promotional content following celebrity account hacks, the memecoin promotion remained on Cardi B's account for over five hours. Additionally, another post featuring Cardi B's image appeared, seemingly unrelated to the meme token.
Currently, the WAP token boasts a market capitalization of $21.6 million, according to Dexscreener. The initial excitement surrounding several celebrity-backed memecoins in 2024 has diminished, as many projects have yet to show substantial development, leading to skepticism about their genuine commitment to the cryptocurrency landscape.
In June, another memecoin promoter, Sahil Arora, was banned from X after accusations of running 'pump and dump' schemes with Caitlyn Jenner’s meme token launched earlier.
At the time of writing, Atlantic Records, Cardi B's label, has not yet confirmed whether the rapper officially endorses the WAP token.
Disclaimer: The Block is an independent media outlet providing news and data. As of November 2023, Foresight Ventures is a majority investor in The Block, which operates independently to deliver timely information about the crypto industry.
