Cardi B Promotes New $WAP Meme Coin, But Security Experts Suggest Her Account May Have Been Compromised

The rapper, who has been in the news lately after claims emerged that she had undergone surgery, set off events with an October 7 post on Twitter with a picture of her holding a cat.

Cardi B has promoted a new meme coin named after her hit track ‘WAP’ in a recent X post.

However, there are concerns that the account may have been compromised, with security experts advising followers to be cautious.

Cardi B Shares $WAP Video

The rapper, who recently made headlines after it was claimed she had undergone surgery, kicked off events with an October 7 post on X, which featured an image of her holding a cat.

In the post, Cardi B, whose real name is Belcalis Marlenis Almanzar, referred to the cat as a “new family member.” She went on to ask her followers to guess its name.

Hours later, she followed up with another post stating, “Her name is $WAP.” The tweet also included a wallet address and a short animated video that appeared to be promoting a meme coin.

The promotion quickly caught the attention of the crypto community, with many expressing concerns over its validity.

Blockchain security firm Peckshield was among the first to respond, informing users that the rapper’s account may have been hacked to promote a possible scam.

It also urged her followers to be vigilant when interacting with her posts. Some X users, however, dismissed the warning, claiming that the promotion was planned and intentional.

Possible Rug Pull?

Adding to the concerns surrounding the launch of $WAP, crypto sleuth CryptoRugMunch highlighted an interesting observation: the top 200 wallets holding the coin’s supply were newly created, with most being funded by larger wallets within the project.

This setup raised concerns of a potential rug pull, a scam where developers drain liquidity and leave investors with worthless tokens.

At press time, $WAP had a total liquidity of $548,000 and a fully diluted valuation (FDV) of $17.6 million.

Moreover, the coin’s price was at $0.01766, showing a burst of activity with over 20,000 transactions in just a few hours, according to data from Dexscreener.

Despite this, questions remained over its legitimacy, with some speculating whether it will end up like other celebrity-backed meme coins that turned out to be scams.

The apparent involvement of popular crypto influencer Ansem also added to the discussion after he reacted to Cardi B’s initial X post asking followers to guess her new cat’s name. Ansem, who has over half a million followers on X, responded by naming it “CAT SZN,” in a post that garnered more than 141,000 views.

The influencer is known for his involvement in several crypto-related controversies. Recently, he found himself engaged in a heated exchange with blockchain investigator ZachXBT, who accused him of promoting low-cap meme coins to his followers. According to the detective, these coins often leave retail investors holding the bag as their value plummets.

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