As a seasoned crypto investor with battle-hardened instincts, I must admit that the sudden emergence of $WAP has left me feeling a bit like a cat chasing a laser pointer – always one step behind and never quite sure where the next move will take us. The allure of a celebrity-backed meme coin is undeniable, but my years in this wild world of crypto have taught me to be wary of shiny objects that seem too good to be true.
Cardi B, took to her X account to promote a new meme coin named after her iconic track.
On the other hand, there has been some debate about the authenticity of the promotion due to speculations that the account might have been hacked by unauthorized individuals, according to security specialists.
Cardi B Shares $WAP Video
Recently making headlines following allegations about undergoing surgery, the rapper sparked a series of events by posting a photo of herself holding a cat on her platform (X) on October 7th.
In her recent social media post, Cardi B (whose birth name is Belcalis Marlenis Almanzar) introduced a new addition to their household, affectionately referring to it as a “new family member.” She also invited her fans to come up with suggestions for the cat’s name.
After some time had passed, she posted again with the message, “Her name is WAP.” This tweet included a digital wallet address and a short, animating video that appeared to be advertising a meme-based cryptocurrency.
wording suggestion: The swift announcement sparked debate within the cryptocurrency circle, as numerous individuals questioned its authenticity.
“Peckshield, a company specializing in blockchain security, was one of the quick responders, alerting users that the rapper’s account might have fallen into the wrong hands and could potentially be used to perpetrate a fraudulent scheme.
Additionally, it encouraged her fans to be careful while engaging with her content. Yet, certain users disregarded the advisory, asserting that the endorsement was premeditated and intentional.
Possible Rug Pull?
Enhancing the apprehension surrounding the introduction of $WAP, digital detective CryptoRugMunch pointed out a concerning pattern: the majority of the coin’s supply is being held by recently established wallets, which appear to have been funded primarily by larger wallets associated with the project itself.
The setup sparked fears of a potential rug pull, a scam in which developers drain liquidity and leave investors with worthless tokens.
Currently, the total liquidity of WAP stands at approximately $548,000, and when considering all potential shares, its fully diluted valuation amounts to about $17.6 million.
Moreover, the coin was trading at approximately 0.01766 USD, indicating a surge in activity as over 20,000 transactions occurred within a short timeframe, based on data provided by Dexscreener. However, doubts about its authenticity remain, with some speculating whether it might follow the path of other meme coins backed by celebrities that turned out to be fraudulent schemes.
The well-known crypto influencer Ansem further sparked the discussion when he commented on Cardi B’s first post about her new cat, asking followers to guess its name. With over half a million followers on X, Ansem labeled it “CAT SZN” in a post that garnered over 141,000 views.
This influencer isn’t new to stirring up disagreements. Lately, he’s been in a heated argument with blockchain investigator ZachXBT over allegations that he endorses meme coins with low market capitalization to his audience. According to the investigator, these coins frequently result in retail investors being left with losses when their value decreases.
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2024-10-09 02:48