Rapper Cardi B has stepped into the crypto world, following the pattern of celebrities utilizing their social media clout to advertise crypto.
On October 7, she took to X to share a teaser for the WAP memecoin, referencing her music with Megan Thee Stallion.
Nonetheless, many followers query whether or not the submit was reputable, speculating that her account could have been hacked.
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The hack principle gained momentum after blockchain safety agency Peckshield warned customers to be cautious about hyperlinks and addresses related to the submit.
Regardless of these considerations, 10 hours later, the submit stays on Cardi B’s profile, which is uncommon for a hack. Moreover, the promotional content material is high-quality, and her different social media accounts are posting as typical, suggesting this may occasionally have been intentional.
To this point, the WAP token has made a formidable debut, reaching a market cap of $20.74 million and gathering over $671,000 in liquidity.
Regardless of the preliminary success, individuals are cautious of celebrity-backed crypto initiatives resulting from a number of high-profile failures not too long ago. Celebrities like Caitlyn Jenner, Jason Derulo, and Sexyy Purple have launched their tokens this 12 months, all of which have since dropped in worth considerably.
Nonetheless, not all celeb ventures have gone this manner. Australian rapper Iggy Azalea’s token, MOTHER, has carried out properly out there. She is now wanting so as to add extra worth to the token by launching an internet on line casino that will likely be powered by MOTHER.
Whether or not Cardi B’s dive into the world of crypto is a part of a well-calculated technique or one other case of misplaced belief stays to be seen.
