The memecoin WAP has become a recent controversy following hot spate of blockchain analysts following Cardi B, who promoted the WAP memecoin, to her wallet address, which some pegged to past crypto scams and rug pulls.
The rapper posted a video with WAP’s mascot, a cat, to her official X account on October 8, and shared a wallet address for the token. Crypto investigators would flag the wallet soon after and trace it to a known scammer.
WAP Token Supply Dumped Rapidly
Blockchain investigator Wazz uncovered that the Cardi B’s wallet is tied to numerous previous scummy crypto projects. Despite security firm PeckShield speculating her account had been hacked, Cardi B’s recent cat related tweets make it seem like the promotion of WAP in premeditated.
The hacking theory was dismissed by the rapper, Wazz, who argues that the rapper appears to have planned to promote the token. In particular, the crypto community was on guard against celebrity backed tokens, having seen a lot of times those projects associate with scams.
60% of WAP’s token supply took up a cluster of the blockchain platform BubbleMaps at launch with more than $500,000 worth of tokens dumped in the first 10 hours. The firm also discovered 15 addresses associated with a single exchange wallet which moved the memecoin tokens to more than 100 wallets.
Fellow rapper Iggy Azalea, who markets her own memecoin Mother Iggy (MOTHER), had a dig at Cardi B’s WAP token on X. There was speculation meanwhile as to Sahil Arora’s possible involvement in the celebrity memecoin space.
Crypto investigator ZachXBT previously estimated that Arora earned more than $3 million in 2024 through putting out similar projects and accused Arora of running social engineering scams in the industry.
Bitcoin’s latest celebrity endorsed crypto, the memecoin token, has brought back discussions of risk with crypto products that are promoted with stars.
