Cardi B promotional meme coin plunges 80%... "Pump and dump suspected"

Famous American rapper Cardi B has become embroiled in controversy over a meme coin WAP pump and dump incident. WAP is Cardi B’s signature track that topped the Billboard Hot 100 chart.

On the 4th (local time), Cardi B posted a promotional message and wallet address for the cat meme coin WAP on X (formerly Twitter). Following her promotion, WAP coin soared 154% from its initial price, but then gave up those gains and plunged 84.55% from the opening price, reaching $0.0001786.

As a result, figures in the crypto industry have raised suspicions that Cardi B deployed a pump and dump strategy. Anonymous crypto investigator Detective stated, "This is a pump-and-dump scheme", adding, "Some whale investors began buying WAP tokens five days before Cardi B’s promotion." He continued, "After the promotional post, they quickly sold the tokens and made about 10 times profit."

Well-known crypto detective JackXBT also questioned Cardi B’s promotion, suggesting that it could be an attempt to quickly earn money during her divorce from her husband, Offset.

As of 6:47 p.m., according to CoinMarketCap, WAP was trading at $0.0001883, down 81% from the previous day.