Cardi B Faces Backlash for Promoting $WAP Meme Coin Tied to Suspicious Wallet Address

On Tuesday, the American rap artist posted a tweet referencing $WAP, a cat-themed meme coin inspired by her hit song. In the same post, she included a Solana wallet address along with the provocative message: “even wetter then last time” (sic). The promotion appeared to reignite interest in $WAP, but it also triggered immediate backlash from crypto sleuths, including renowned on-chain investigator ZachXBT.

Suspicious Wallet Activity Draws Red Flags

Multiple blockchain analysts, including ZachXBT, quickly identified the wallet address Cardi B shared as being previously linked to suspicious activities. The same address had surfaced during a similar $WAP promotion in October last year, which resulted in warnings from security firm PeckShield.

At that time, PeckShield issued a public alert urging users not to interact with the wallet address, citing evidence that it was potentially connected to a scam. The firm flagged the address as malicious, raising concerns that Cardi B’s repeated promotion could inadvertently (or knowingly) direct her massive fanbase into a risky financial trap.

UAE Securities Watchdog Already Investigating $WAP

The controversy extends beyond social media. In late 2023, the Securities and Commodities Authority (SCA) of the United Arab Emirates launched a formal investigation into alleged securities violations related to $WAP. This came after a high-profile complaint by a Dubai-based venture capital firm and local investors, accusing the project of market manipulation and fraud.

The SCA’s probe focused on how the token was promoted especially by celebrities and whether investors were misled by inflated promises or hidden affiliations.

Tension Between Cardi B and Offset Fuels Speculation

The controversy surrounding Cardi B’s $WAP promotion comes amidst a highly publicized feud with her estranged husband Offset. In a recent X Space session, Cardi B criticized Offset for refusing to provide child support for their three children and accused him of requesting spousal support during their divorce proceedings.

ZachXBT even insinuated that Cardi B’s motive for promoting a dubious token might be linked to financial strain from the legal battle, adding another layer of drama to the ongoing saga.

The Growing Trend of Celebrity-Backed Meme Coin Scandals

Cardi B is not alone. The crypto space has seen a surge in celebrity-endorsed meme coins that often lack substance and utility. These tokens frequently lead to price manipulation, insider trading accusations, and losses for retail investors who jump in based on hype rather than fundamentals.

With $WAP’s market history already marred by past allegations and ongoing investigations, Cardi B’s latest endorsement has reignited concerns about celebrities using their platforms irresponsibly in crypto spaces that lack regulatory oversight.

Conclusion:

Cardi B’s promotion of the $WAP meme coin has once again placed her in the spotlight but not for the reasons she might have hoped. With ties to a potentially malicious wallet address, regulatory investigations in the UAE, and renewed scrutiny from crypto sleuths, her involvement in $WAP raises serious questions about the accountability of celebrity endorsements in the decentralized finance world.

As meme coin culture continues to blur the lines between entertainment and high-risk investment, both investors and influencers should tread carefully. What may start as a viral marketing stunt can quickly spiral into legal, financial, and reputational chaos.