The world of cryptocurrency has a new player, and it’s none other than rapper Cardi B. Known for her bold and outspoken personality, Cardi B has now ventured into the crypto world, following the trend of celebrities using their social media influence to promote digital currencies.
On October 7, Cardi B teased the launch of the WAP memecoin on X, referencing her hit song with Megan Thee Stallion. However, this move raised suspicions among fans, with many questioning the legitimacy of the post and speculating that her account may have been hacked.
The speculation was fueled further when blockchain security firm Peckshield warned users to be cautious about links and addresses associated with the post. Despite these concerns, the post remained on Cardi B’s profile for 10 hours, leading some to believe that the promotion may have been intentional.
The WAP token made a strong debut, with a market cap of $20.74 million and over $671,000 in liquidity. However, the history of celebrity-backed crypto projects has been mixed, with several high-profile failures in recent times. Celebrities like Caitlyn Jenner, Jason Derulo, and Sexyy Red have all launched tokens that have since plummeted in value.
On the other hand, Australian rapper Iggy Azalea’s token, MOTHER, has seen success in the market. She is now planning to enhance the token’s value by launching an online casino powered by MOTHER.
As Cardi B’s foray into the crypto world unfolds, the question remains whether this is a well-thought-out strategy or another case of misplaced trust. Only time will tell how her crypto journey will pan out.
