Be careful, warning signs appear

Cardi B, used her X account to promote a new meme coin named after her iconic track.

However, there have been concerns surrounding the promotion, with security experts suggesting the account may have been compromised.

Cardi B shares a $WAP video

The rapper, who has been in the news lately after claims emerged that she had undergone surgery, kicked off events with an Oct. 7 post on X featuring a photo of herself holding a cat .

In the post, Cardi B, whose real name is Belcalis Marlenis Almanzar, referred to the cat as a “new member of the family.” He also asked his followers to guess his name.

Hours later, he made another post saying, “His name is $WAP.” The tweet also contained a wallet address, as well as a short animated video that appeared to promote a meme coin.

The promotion quickly caught the attention of the crypto community, with many raising concerns about its legitimacy.

Blockchain security firm Peckshield was one of the first to react, informing users that the rapper’s account may have been compromised to promote a potential scam.

He also urged his followers to exercise caution when interacting with his posts. However, some X users dismissed the warning, claiming that the promotion was planned and deliberate.

Possible carpet throw?

Adding to the unrest over the launch of $WAP, crypto sleuth CryptoRugMunch highlighted a worrying trend: the top 200 wallets that hold the coin’s supply were created from scratch, most funded by larger wallets within the project.

The setup sparked fears of a possible carpet-rolling, a scam in which developers drain liquidity and leave investors with worthless tokens.

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

Additionally, the coin’s price stood at $0.01766, showing an increase in activity with over 20,000 transactions in a few hours, according to data from Dexscreener. Despite this, questions about its legitimacy still linger, with some wondering if it will end up like other celebrity-backed meme coins that turned out to be scams.

The apparent involvement of crypto influencer Ansem also added fuel to the debate after he reacted to Cardi B’s initial X post asking followers to guess the name of her new cat. Ansem, who has more than half a million followers on X, responded by calling him “CAT SZN,” in a post that has been viewed more than 141,000 times.

The influencer is no stranger to controversy. He recently found himself at the center of a heated debate with blockchain researcher ZachXBT, who accused him of promoting low-cap meme coins to his followers. The detective claimed that coins often leave retail investors holding the bag when their value plummets.

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