Cardi B’s WAP memecoin pump ends in one other rug pull … once more
Cardi B’s promotion of the WAP memecoin on X the opposite day sparked a 100% worth surge, just for its market cap to crash from $2.5 million to $139K shortly after, as wallets that had gathered 5 days earlier than the publish dumped.
On June 3, rapper Cardi B promoted the memecoin Moist Ass and Pussy (WAP) on X, sharing its contract tackle and declaring, “WAP is again. Even wetter than final time.” Her publish despatched WAP’s worth surging from the opening worth of $0.0011 to an intraday excessive of $0.0022 — a 100% spike.
Nonetheless, the hype was short-lived. Inside minutes, the token’s market cap plummeted from $2.5 million to only $139,000. In keeping with X person @dethective, who exposes KOLs’s dumps, the crash was triggered by wallets that had quietly gathered WAP about 5 days earlier than Cardi’s X publish and bought instantly after it, securing 10X earnings.
Apparently, Cardi B was holding a big portion of WAP token provide from the earlier time she had promoted it, which was in October final 12 months. Again then, the token briefly surged to a $40 million market cap earlier than crashing beneath $200,000. Safety agency PeckShield even flagged it for potential malicious exercise.
“In case you fell once more for Ghetto Trash @iamcardib and her $WAP Rip-off, nicely deserved! You’ll by no means study!,” mentioned crypto commentator Patrick Schmitt, calling out those that traded the WAP memecoin after what had occurred final 12 months.
On-chain sleuth ZachXBT chimed in to the WAP dialogue on X, commenting straight on Cardi B’s publish “POV you would possibly owe tens of millions,” implying that her return to selling WAP could also be financially motivated and referencing her ongoing monetary dispute with estranged husband Offset over youngster help and alimony.
