Cardi B's new meme coin stirs up debate

Cardi B recently promoted a new meme coin called $WAP on her X account, sparking concerns within the crypto community. 

The rapper’s post, made on October 7, included a photo of her holding a cat, asking her followers to guess its name. 

Hours later, she revealed that the cat’s name is "$WAP," accompanied by a wallet address and a short animated video promoting the coin.

However, the promotion raised red flags among blockchain security experts. 

According to Peckshield, Cardi B’s account might have been compromised to promote a potential scam. 

The firm advised users to be cautious when engaging with her posts, while some X users argued the promotion was intentional.

Further concerns emerged when crypto investigator CryptoRugMunch pointed out unusual activity surrounding the $WAP coin. 

He noted that the top 200 wallets holding the coin were newly created and funded by larger wallets associated with the project. 

This raised fears of a possible rug pull, a scam in which developers abandon the project after draining liquidity, leaving investors with worthless tokens.

The promotion of $WAP quickly gained attention, with many questioning the legitimacy of the project, especially considering past incidents involving celebrity-backed meme coins that turned out to be scams. 

Some in the crypto community are particularly cautious, warning others to approach such projects with care.

Crypto influencer Ansem, who responded to Cardi B’s initial post, added to the ongoing debate. 

Ansem’s involvement, alongside previous allegations of promoting low-cap meme coins, raised further suspicion about the nature of the $WAP coin.