American rapper Cardi B's official account on X has recently come under scrutiny for promoting a meme token called WAP, which is reportedly inspired by her hit song of the same name.
American rapper Cardi B's official account on X has recently come under scrutiny for promoting a meme token called WAP, which is reportedly inspired by her hit song of the same name.
The promotion, which included a video post, has raised alarm among blockchain security experts, particularly PeckShield, who flagged potential issues with the token's legitimacy.
PeckShield issued a warning stating, “Cardi B's X account seems to be compromised,” advising users to exercise caution when engaging with any links or addresses associated with the post.
This advisory comes as the WAP token launched Monday, alongside an official website and its own X handle. The video post seemed to target fellow rapper Iggy Azalea, who recently introduced her own token, MOTHER, and who alleged on X that WAP may be a scam. In response, the WAP account then shared a video of Cardi B endorsing the token.
Despite the warning from PeckShield, the promotional post remained visible on Cardi B's account for over fourteen hours. In addition to this, the account later shared another account’s post featuring the rapper that appeared unrelated to the memecoin, further complicating the situation.
Currently, WAP token has a reported market capitalization of $21.6 million, a notable figure among the wave of celebrity-backed memecoins that have emerged in 2024.
However, many of these projects have been criticized for lacking substantial development, leading to skepticism about their authenticity and intentions.
In a similar incident, celebrity memecoin promoter Sahil Arora was banned from X in June after being accused by Caitlyn Jenner of perpetrating "pump and dump" schemes on her meme token launched in May.
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