Cardi-Backed Memecoin Implodes: WAP Crashes 80% After Celebrity Pump

Another day, another celebrity meme token disaster—this time with a soundtrack. Rapper Cardi B's endorsement of WAP coin sent it stratospheric before gravity kicked in hard.

The pump-and-dump playbook strikes again. WAP's 24-hour chart now looks like a failed pole vault attempt—straight up, then straight down. Retail traders left holding the bag (again) while the smart money cashes out.

Pro tip: When your investment thesis starts with 'But [celebrity] tweeted about it...'—maybe stick to Spotify subscriptions.

The memecoin trend is getting bigger, and many celebrities are joining in. Famous names like Donald Trump, Elon Musk, Andrew Tate, Wiz Khalifa, and Caitlyn Jenner have promoted different memecoins.

But many of these coins turned out to be scams or caused big problems.

Now, Grammy-winning American rapper Cardi B has found herself in the middle of a crypto storm after promoting the WAP memecoin. After the post, crypto watchers quickly called it out, warning it could be another scam.

Cardi B Promotes WAP Memecoin 

On her official X account, Cardi B shared a post about the WAP, a cat-themed memecoin and abbreviation of “Wet Ass Pussy. She even included a wallet address in her tweet, saying it was “even wetter then last time,” a reference to her famous song.

$WAP is back

Even wetter then last time

CA: Bz7vVzQhm2KMW1XgcrDruYega1MiwrAs1DQysrx4tFkp

Right after this, several people in the crypto world spoke out. They said that the wallet address Cardi B posted has been linked to shady activity before.

Meanwhile, this isn’t the first time Cardi B has promoted the WAP token. Last year in October, she promoted $WAP and posted the same wallet address. Back then, blockchain security experts warned that this address could be used for scams. 

Why Are Experts Calling It a Scam?

Popular crypto investigator ZachXBT questioned why Cardi B WOULD share this memecoin now. He suggested that maybe Cardi B is trying to make money fast because she’s in the middle of a messy split from her husband, Offset. 

Cardi B had even said that Offset wasn’t helping with child support, so some wonder if she’s promoting these coins to cover her bills.

WAP Token Price Crashed BY 80%

Right after Cardi B posted about it, the value of the token market cap quickly dropped, from $2.5 million to just $139,000 in a few minutes. As of now, WAP token is trading around $0.000197, reflecting a price drop of 80% in a day. 

Pseudonymous detective crypto noticed something strange with the WAP memecoin. He highlighted that some whales had bought WAP tokens about five days before the tweet. 

So today, @iamcardib remembered that she still held a large portion of the $WAP supply and decided to run another pump and dump.

The token went from 2.5M to 139k a couple of minutes after the tweet

The dump was triggered by some wallets that bought the token around five days… pic.twitter.com/7Nwr27rcZA

Just after Cardi B’s post, these people sold their tokens fast and made about 10x the money they invested.

Experts believe she might have helped cause the price jump on purpose to make money, a MOVE called “pump and dump.”