Cardi B Endorses WAP Memecoin
In a striking incident within the cryptocurrency community, rapper Cardi B‘s recent endorsement of the Wet Ass and Pussy (WAP) memecoin on the social media platform X led to an immediate spike in its value, only to be followed by a dramatic downturn.
The Price Surge
On June 3rd, Cardi B announced on X that
“WAP is back. Even wetter than last time,”
sharing the memecoin’s contract address with her followers. This announcement ignited a frenzy, causing the token’s price to double from $0.0011 to $0.0022, marking a 100% increase.
The Downturn
However, this price surge was fleeting. In a matter of minutes, the market capitalization of WAP plummeted from $2.5 million to approximately $139,000. This sharp decline was attributed to early investors—wallets that had quietly acquired WAP nearly five days prior to her tweet—who swiftly sold their holdings for tenfold profits after the price jump.
Questioning Motivations
This intriguing scenario raises questions about Cardi B’s motivations, especially given her substantial holdings in the memecoin from a previous promotion in October of the previous year, which had similarly resulted in a rapid rise and fall in value, reaching a market cap of $40 million at its peak before dropping below $200,000.
Security Concerns
Security analysts from PeckShield have indicated potential malicious behavior surrounding the token. Crypto commentator Patrick Schmitt criticized those who continued to engage with the WAP memecoin, labeling it as a “Ghetto Trash” scheme, highlighting the ongoing cycle of speculation and loss.
Financial Desperation?
Additionally, prominent on-chain analyst ZachXBT questioned Cardi B’s motivations in promoting WAP once again, insinuating financial desperation linked to her financial disputes with her ex-husband Offset regarding child support and alimony obligations.
