Cardi B’s WAP Token Endorsement: Pump and Dump or Genuine Hype?
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The cryptocurrency market experienced significant volatility following rapper Cardi B's endorsement of the meme token Wet A*s P*ssy (WAP). Initially, Cardi B's tweet promoting the token caused a dramatic price surge, with the market cap briefly reaching $2 million. However, this was short-lived, as the price plummeted over 90% to $150,000 within minutes, wiping out almost all of the week's gains. Blockchain analysis revealed suspicious activity, with several wallets acquiring large amounts of WAP days before the endorsement and quickly selling after Cardi B's tweet, realizing tenfold returns. This pattern strongly suggests a classic pump-and-dump scheme, where insiders manipulate the market for profit. The incident highlights the risks involved in investing in meme coins based on celebrity endorsements, particularly those with a history of controversy. This isn't WAP's first brush with controversy; a previous endorsement by Cardi B in October 2024 prompted investigations into potential fraud and market manipulation. Despite previous warnings, many investors were once again caught off guard, suffering significant losses. The rapid price fluctuations serve as a cautionary tale for investors, emphasizing the dangers of buying at peak prices and the importance of conducting thorough due diligence before investing in cryptocurrencies, especially meme tokens. While Cardi B clarified that her account wasn't hacked, skepticism remains regarding the true nature of her involvement, with critics questioning whether her endorsement was genuine or part of a coordinated marketing strategy that benefited insiders. The event underscores the volatile and unpredictable nature of the meme coin market and the potential for manipulation by those with privileged information.
