Celebrities launching their own memecoins often generate controversy, with Cardi B being no exception. On Tuesday (8), the artist presented WAP.

However, the crypto community quickly pointed out several irregularities involving the asset and its development team.

Cardi B launches cat-themed memecoin

WAP, a memecoin built on Solana, has a total supply of 1 billion tokens. According to Dexscreener, it is currently priced at around 0.00016 SOL, with a market cap of over $23 million.

In this sense, its price has fallen by more than 60% since its peak of 0.26 SOL.

WAP memecoin chart. Source: Dex Screener

WAP also has a dedicated website that features images and music from Cardi B, encouraging visitors to purchase the token.

Meme coins continue to be one of the most powerful narratives that attract significant capital inflows in the market. In this context, many celebrities have not missed the opportunity to capitalize on the trend. However, price volatility is notoriously difficult to predict. A recent statistic revealed that most celebrity-associated memecoins tend to drop between 70% and 99%.

Read more: Solana Blockchain Memecoins That Are Promising for 2024

Team allegedly linked to ANDY

An investigation by Kwant provided evidence that the team behind WAP may be the same one that created the ANDY memecoin. According to Kwant, clicking on the Instagram icon on the WAP website redirected users to ANDY’s Instagram page.

Another user, CryptoRugMunch, recorded a screenshot video confirming Kwant’s findings. Furthermore, the WAP Telegram group shares the same admins as the ANDY group. However, these admins disappeared after these connections were discovered.

In this sense, ANDY is a meme coin built on the BNB network, which once had a market cap of nearly $15 million but has now fallen to just over $1 million, causing huge losses for many investors.

Further on-chain investigation revealed irregularities in the token’s distribution. The investigation suggests that around 200 major wallets hold the majority of WAP’s supply, and these wallets were funded with small amounts of SOL from larger wallets to purchase coins for themselves.

“They’re farming WAP, folks. They have nearly an infinite supply to keep doing this as long as the unsuspecting keep buying into this scam.” Crypto Rug Muncher said

Investors buy meme coins for a variety of reasons. Some take on high risks in the hope of high returns, while others buy simply out of admiration for their favorite celebrity. Vitalik Buterin has previously criticized celebrity memecoins for lacking long-term value.

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