Cardi B Promotes WAP Token, Market Cap Drops 92% Within Minutes
Cardi B promoted the meme coin Wet Ass Pussy (WAP) on her X account, sharing a crypto wallet address. Following the post:
- WAP's market capitalization fell from $2 million to $150,000.
- The token price initially rose to $0.0019 but later dropped over 90% to around $0.00019.
- In 24 hours, WAP's price decreased by 80%.
Speculation arose that Cardi B's account was hacked until she confirmed otherwise, stating “Not hacked. $WAP space coming soon.”
Crypto investigator "dethective" flagged suspicious activity, noting that some wallets purchased large amounts of WAP shortly before the tweet. These wallets allegedly sold their tokens for 10x profits immediately after the promotion.
Concerns were raised about the shared wallet address, linked to prior suspicious activities, fueling speculation of a coordinated rug pull.
Recent comments suggested Cardi B’s involvement might be financially motivated due to ongoing personal disputes. This is not her first promotion of WAP; a previous endorsement in October 2024 led to investigations for potential market manipulation.