Cardi B's WAP Memecoin Promotion Leads to Another "Rug Pull"
Cardi B's recent promotion of the WAP memecoin on X (formerly Twitter) caused its price to double, but the surge was short-lived as the token's market cap quickly crashed from $2.5 million to $139,000. This rapid decline, often called a "rug pull," occurred when wallets that had acquired WAP tokens days before Cardi B's post immediately sold them for significant profits.
This isn't the first time Cardi B has promoted WAP; she also did so in October of last year, which led to a similar pump-and-dump scenario. Crypto commentators and on-chain analysts, including @dethective and ZachXBT, have criticized Cardi B's involvement, suggesting her promotion might be financially motivated and warning investors about the repeated pattern of such schemes.
