Celebrity Memecoin Promotion

The official X account of Cardi B promoted a memecoin late Monday, while blockchain security company PeckShield raised concerns about the token's validity.

> “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, launched on Monday alongside an official website and its own X handle. The latter shared a video post apparently featuring the rapper promoting the cat-themed token in response to fellow rapper Iggy Azalea, who launched her token, MOTHER, claiming that WAP was a scam.

Celebrity account hacks usually prompt quick removal of fake promotional posts, but the memecoin promotion remains on Cardi B's official account even five hours after its initial posting. Additionally, the account shared another post containing Cardi B's image that seems unrelated to the memecoin.

According to Dexscreener, WAP currently holds a market capitalization of $21.6 million.

Despite the hype surrounding multiple celebrity-backed memecoins launched in 2024, many projects have failed to show substantive development, prompting questions about whether these ventures are driven by financial motivations rather than real commitment to cryptocurrency.

In June, celebrity memecoin promoter Sahil Arora was banned from X after Caitlyn Jenner accused him of 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 whether WAP is officially endorsed by the rapper herself.