As a seasoned crypto investor with over a decade of experience navigating the volatile and often unpredictable world of digital assets, I find myself constantly on my toes, analyzing each move and assessing potential risks before diving headfirst into a new investment opportunity. The recent promotion of the WAP token by Cardi B’s official account on X has left me with more questions than answers, and it’s not just about the potential hacking concerns or the dubious origins of this meme coin.
On social media platform X, the verified account of popular American rapper Cardi B posted a video advertising a meme token called WAP. The video has sparked worries due to suspicions about potential hacking, as blockchain security firm PeckShield cautioned that her account could have been breached. Users are advised to be vigilant when clicking on any links or addresses in the post.
Her name is $WAP 🐾💦CA:Bz7vVzQhm2KMW1XgcrDruYega1MiwrAs1DQysrx4tFkp
— Cardi B (@iamcardib) October 7, 2024
On Monday, the WAP token – possibly influenced by the hit song with the same name from Cardi B – was unveiled, featuring its own website and X account. The new account shared a video where Cardi B endorsed the WAP token in reaction to Iggy Azalea, who had earlier presented her own token, MOTHER, and claimed that WAP was fraudulent.
Normally, when a celebrity’s account gets hacked, false advertisements about cryptocurrencies are quickly taken down. But in an unusual turn of events, a promotion for the WAP meme coin stayed on Cardi B’s account for more than 18 hours after it was first posted. Later, another post featuring Cardi B’s image was shared, which seemed to have nothing to do with the meme token.
The popular crypto fraud detection tool known as “Crypto Rug Muncher” on platform X (with a following of more than 20,000 users) disclosed that the legitimate site for the WAP token is linked to the Instagram profile of another potential rug pull scheme called ANDY.
Despite concerns that the project might be a scam, a user named “sarah milady” claimed to have turned $700 into over $130,000 by trading the WAP token.
Currently, as I’m typing this, the market value of the WAP token stands at approximately $24.9 million, as shown by Dexscreener, and its current price is about 0.0002015 dollars.
If, unfortunately, this incident is found to be a hack in the future, it will align with cases where celebrity accounts were compromised to peddle a string of fraudulent digital tokens, aiming to deceive potential investors.
Potential Risks and Concerns with Celebrity-Endorsed Meme Tokens
Furthermore, a significant number of celebrity-backed meme cryptocurrencies have emerged this year, causing quite a stir among crypto enthusiasts at first. Yet, it seems that most of these digital tokens haven’t made substantial progress, leading to widespread doubts about the authenticity of these ventures.
Some social media personalities endorse particular meme cryptocurrencies that can be involved in pump-and-dump scams, causing harm to their followers. For instance, a crypto investor known as Xking332 on platform X criticized widely recognized crypto influencer Ansem for his past actions of endorsing questionable or fraudulent ventures like the $DAVIDO token and more recently, the WAP token.
Meme coin promoter Sahil Arora encountered criticism following Caitlyn Jenner’s allegations that he was involved in manipulative trading practices with her token. This resulted in his ban from X in June. As of now, Cardi B’s promotion for the WAP on her X page remains active, and she has neither denied nor confirmed if she supports the meme coin.
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2024-10-08 15:18