Rapper Cardi B has stepped into the crypto world, following the pattern of celebrities utilizing their social media clout to advertise crypto.
On October 7, she took to X to share a teaser for the WAP memecoin, referencing her music with Megan Thee Stallion.
Nonetheless, many followers query whether or not the publish was reputable, speculating that her account might have been hacked.
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The hack principle gained momentum after blockchain safety agency Peckshield warned customers to be cautious about hyperlinks and addresses related to the publish.
Regardless of these issues, 10 hours later, the publish stays on Cardi B’s profile, which is uncommon for a hack. Moreover, the promotional content material is high-quality, and her different social media accounts are posting as regular, suggesting this will have been intentional.
Up to now, the WAP token has made a powerful debut, reaching a market cap of $20.74 million and gathering over $671,000 in liquidity.
Regardless of the preliminary success, individuals are cautious of celebrity-backed crypto initiatives resulting from a number of high-profile failures lately. Celebrities like Caitlyn Jenner, Jason Derulo, and Sexyy Crimson have launched their tokens this yr, all of which have since dropped in worth considerably.
Nonetheless, not all superstar ventures have gone this fashion. Australian rapper Iggy Azalea’s token, MOTHER, has carried out effectively available in the market. She is now trying so as to add extra worth to the token by launching a web-based on line casino that will probably be powered by MOTHER.
Whether or not Cardi B’s dive into the world of crypto is a part of a well-calculated technique or one other case of misplaced belief stays to be seen.
