Cardi B’s Controversial Promotion of $WAP Memecoin

The controversy surrounding Cardi B’s $WAP memecoin promotion has drawn significant attention due to potential scam links and unexpected regulatory involvement.

Cardi B has been in the spotlight for promoting the $WAP memecoin, raising questions about its legitimacy. Blockchain sleuths, including Bubblemaps and ZachXBT, traced associated wallets to past scams. Despite controversy, Cardi B has not retracted her promotional posts.

Experts and cryptocurrency investigators fear similar outcomes impacting the $WAP memecoin. Blockchain analysis reveals attempts to hide token distribution, increasing skepticism among crypto communities. As investigations proceed, the influence of celebrity endorsements on cryptocurrency continues to be scrutinized.

As public speculation grows, the UAE Securities and Commodities Authority has initiated an investigation. Financially, the memecoin launched with a market cap of approximately $20 million, reaching over $671,000 in on-chain liquidity within hours. The broader crypto market remains unaffected, but scrutiny is high due to similar past celebrity-driven tokens that declined quickly.

Increased regulatory interest could lead to more stringent controls on celebrity-backed tokens in the future, potentially shaping the landscape of crypto endorsements.

ZachXBT, Crypto Investigator, remarked:

Sahil has earned more than $3M in 2024 from launching a deluge of celebrity memecoins.