Hold onto your hats, folks! The crypto world just got a whole lot wilder with a little help from none other than Cardi B. Yep, you read that right. The rap sensation took to her social media to drop a bombshell about a new meme coin inspired by her hit song. But, as with all things crypto, there's more to the story than meets the eye.
It all kicked off with Cardi posting a cute pic of herself holding a new feline friend. She teased her fans, asking them to guess the kitty's name. Hours later, she revealed the cat's name as “$WAP” and threw in a wallet address along with a flashy animated clip hyping up the meme coin.
But wait! The crypto community wasn't just purring with excitement. Many were raising eyebrows at the promotion, with concerns that Cardi's account might have been hijacked to push a potential scam. Security gurus from Peckshield were quick to warn folks to tread carefully with Cardi's posts. Meanwhile, some fans shrugged it off, arguing that it was all part of the show.
Adding fuel to the fire, crypto detective CryptoRugMunch pointed out a sketchy pattern: the top 200 wallets holding the $WAP coin were brand new, mostly filled by bigger wallets from the project itself. This setup has the telltale signs of a ‘rug pull' scheme, where developers pull the plug and leave investors in the lurch.
Despite the drama, $WAP was making waves, racking up a cool $548,000 in total liquidity and a valuation of $17.6 million. The coin was buzzing with over 20,000 transactions, but doubts about its legitimacy lingered. Will it crash and burn like other celeb-backed meme coins? Only time will tell.
To spice things up, crypto influencer Ansem chimed in on Cardi's post, guessing the cat's name with a cheeky “CAT SZN.” This isn't Ansem's first rodeo with controversy, though. He's faced heat for allegedly promoting meme coins that leave investors high and dry.
So, what’s the takeaway? Whether this meme coin is the next big thing or a fleeting fad, it’s clear that with Cardi B in the mix, things in the crypto world are never dull!
