Cardi B’s WAP Memecoin: Repeated Pump-and-Dump Raises Rug Pull and Crypto Scam Alarms
American rapper Cardi B’s recent promotion of the WAP memecoin on X (formerly Twitter) triggered an immediate 100% surge in price from $0.0011 to $0.0022 and pushed its market capitalization to $2.5 million. However, this sharp rally was followed by a rapid crash, with market cap collapsing to $139,000 as large wallets—previously accumulating the token five days before the announcement—dumped for 10x gains. This is the second major pump-and-dump incident involving Cardi B and WAP, recalling a similar collapse from last October that saw the token briefly hit a $40 million market cap before plunging. Previous warnings from security firm PeckShield had flagged the token for suspicious behavior. Crypto influencers criticized traders for ignoring red flags and the project’s controversial history. The repeated rug pulls highlight significant risks linked to celebrity-endorsed meme coins and crypto scams, underscoring the importance of due diligence when trading newly promoted or opaque digital assets.
Bearish
The news of repeated pump-and-dump incidents and rug pulls involving Cardi B and the WAP memecoin is strongly bearish for this token in both the short and long term. The immediate volatility and subsequent crash illustrate the high risk of trading celebrity-endorsed meme coins, especially when insiders have been shown to profit at the expense of retail investors. Previous security warnings and a history of rapid market cap collapses further undermine trader confidence, likely leading to reduced liquidity and participation in WAP. Traders are increasingly cautious towards such tokens, and the broader crypto market is taking note of the reputational damage these scams cause, reducing the likelihood of sustainable gains in projects with similar profiles.