American rapper Juaquin James Malphurs, better known by his stage name Waka Flocka Flame, has launched his own meme coin, FLOCKA, on the Solana blockchain. The rapper announced this new meme coin to his 1.8 million followers on the X (formerly Twitter) platform on Monday.
Waka Flocka Flame attracted great attention by sharing FLOCKA's symbol and contract address in the announcement.
The artist later announced that he would hold an X event. At this event, Waka Flocka Flame, which will burn some tokens and announce special airdrops only for FLOCKA holders, also stated that it has plans to organize a special pool party in Vegas for token holders.
However, the launch of the new meme coin quickly attracted criticism. Crypto researcher ZachXBT pointed out potential insider trading activity. The researcher stated that a new wallet purchased approximately 40% of the FLOCKA supply before it was publicly announced and then distributed these tokens to more than 60 different wallets.
This wallet was identified as originating from a Solana wallet identified as Ag41g, whose token distribution was visually tracked by on-chain analytics firm Bubblemaps, supporting the researcher's claims.
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