The official X account of Cardi B promoted a memecoin late night Monday, while blockchain security company PeckShield raised concerns against the validity of the token.
“Cardi B's X account seems to be compromised,” wrote PeckShield. “Be cautious when interacting with any address/link in the post.”
The WAP token, likely inspired by Cardi B's song of the same name, appeared to launch on Monday alongside an official website and its own X handle. The latter shared a video post seemingly featuring the rapper promoting the cat-themed token, in response to fellow rapper Iggy Azalea, who launched her own token, MOTHER, claiming that WAP was a scam.
While celebrity account hacks usually prompt quick removal of fake promotional posts of tokens, the memecoin promo persists on Cardi B's official account even five hours after its initial posting. Furthermore, the account has since shared another post containing Cardi B's image seemingly unrelated to the memecoin.
According to Dexscreener, WAP currently holds a market capitalization of $21.6 million.
Despite the initial hype surrounding multiple celebrity-backed memecoins launched in 2024, many of these projects have failed to demonstrate substantive development, raising questions about whether such ventures are primarily driven by financial motivations rather than a genuine commitment to the cryptocurrency space.
In June, celebrity memecoin promoter Sahil Arora was banned from X after being accused by Caitlyn Jenner perpetrating “pump and dump” schemes on her meme token launched in May.
Atlantic Records, Cardi B’s record label, did not immediately respond to The Block’s request to confirm if WAP is officially endorsed by the rapper herself.
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