Cardi B’s Solana Memecoin Faces Controversial Launch as Insiders Pocket $250,000 in 12 Houras

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As a seasoned crypto investor with over a decade of experience in this wild, digital jungle, I’ve seen more than my fair share of celebrity-backed cryptocurrencies. Some have been as fruitful as a palm tree in the Sahara, while others have left us high and dry like a shipwrecked sailor on a deserted island.

Cardi B, the Grammy-winning rapper, appears to have created a cryptocurrency named after one of her hit songs with Megan Thee Stallion, denoted by the ticker $WAP. This digital currency seems to be meme-inspired. However, the launch of this project has been surrounded by controversy, particularly with allegations of insider trading.

As per a post from on-chain analytics firm Bubblemaps on their microblogging platform (previously known as Twitter), first mentioned by Decrypt, it was found that upon the launch, approximately 60% of the entire $WAP supply was “pooled together,” meaning multiple wallets were involved in buying tokens. This gave an appearance of extensive participation across various users.

It’s claimed that some insiders swiftly sold off $500,000 worth of tokens in just 12 hours, which, if successful, would earn them at least a quarter of a million dollars. The authenticity of the project is under scrutiny as while Cardi B’s social media account has shared a video endorsing it, she hasn’t publicly verified her involvement beyond that post. Some people speculate that the account might have been compromised by hackers.

60% of the supply bundled at launch

already dumped $500k

her name is $WAP

— Bubblemaps (@bubblemaps) October 8, 2024

It’s not unusual to see celebrities introducing or backing meme-based cryptocurrencies that eventually fizzle out. However, one notable exception is the $MOTHER token by Iggy Azalea, an Australian rapper. Instead of abandoning it, she has continued to stand by her creation, launching it on the Solana blockchain.

Azalea consistently advocates for the MOTHER token across her various social media platforms, particularly on X (previously Twitter), where she boasts an impressive 8 million followers. By sharing intriguing and thought-provoking content, she has managed to keep the community buzzing and invested in the token, drawing considerable attention and causing its price to skyrocket rapidly.

If only I had pooled together 60% of my investment into $MOTHER back then and promoted it, the buzz would have been immense! But we’re here to create a solid, reputable asset, not a scheme.— IGGY AZALEA (@IGGYAZALEA) October 8, 2024

As a crypto investor, I’m excited about Azalea’s latest move. She’s seamlessly incorporating the MOTHER token into everyday life, notably rebooting her telecom company. Now, users can buy mobile devices and monthly plans using MOTHER tokens or Solana (SOL). This integration is designed to offer tangible use cases for the token, which could increase its worth and attractiveness in the market.

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2024-10-09 07:47