Cardi B Launches Cat-Themed WAP Meme Coin, But the Crypto Community Raises Concerns

Celebrities launching their own meme coins often stir controversy, and rapper Cardi B is no exception. Today, she introduced the cat-themed meme coin, WAP.

Cardi B has introduced the cat-themed meme coin, WAP. However, irregularities have been found in the tokenomics and the team behind it.

WAP is a meme coin built on Solana with a total supply of 1 billion tokens. According to Dexscreener, WAP is currently priced around 0.00016 SOL, with a market cap exceeding $23 million. The token’s value has dropped more than 60% from its peak of 0.26 SOL.

WAP also boasts a dedicated website featuring Cardi B’s imagery and music, urging visitors to purchase the token.

An investigation by Kwant provided evidence that the team behind WAP may be the same group that created the meme coin ANDY. According to Kwant, clicking the Instagram icon on WAP’s website redirected users to ANDY’s Instagram page.

Another user, CryptoRugMunch, recorded a screen video confirming Kwant’s findings. Furthermore, WAP’s Telegram group shares the same administrators as ANDY’s group. However, those admins disappeared after these connections were discovered.

ANDY is a meme coin on BNB, which once had a market cap of nearly $15 million, but has now fallen to just over $1 million, causing many investors to suffer losses.

An additional on-chain investigation revealed irregularities in WAP’s token distribution. The investigation suggests that around 200 top wallets hold the majority of WAP’s supply, and these wallets have been funded with small amounts of SOL from larger wallets to purchase the supply themselves.

“They are farming WAP, folks. They have almost endless supply to continue doing this so long as the rubes keep on buying into this scam.” Crypto Rug Muncher said