Cardi B's $WAP memecoin hits all time. But critics points out warning signs of a rug pull

Cardi B recently posted a photo of herself holding a cat on her X account, asking fans to guess the name of her new feline friend. In the post, she even referred to the cat as a "new family member."

Shortly after, she revealed that her name was $WAP, making many assume that she could be promoting a new memecoin. The tweet also contained a wallet address as well as a brief animated video to give a sneak teaser into the memecoin.

Memecoin that shares the name as Cardi B's new song

The acronym WAP came from the name of Cardi B's hit song which shares the same name. Released back in 2020, this song can be listed as one of Cardi B's most controversial songs due to the explicit nature of the lyrics and music video.

The promotion has quickly raised alarm among blockchain security experts, with many questioning if these series of posts were a scam. There were also others who speculated that the rapper's X account could have been compromised by a hacker to promote this new memecoin.

Peckshield issued a warning stating,"Cardi B's X account has been compromised. Be cautious when interacting with any address / link in the post."

Fellow A-lister and rapper Iggy Azalea, who also had her own celebrity memecoin, Mother Iggy (MOTHER), took this chance to throw a dig at Cardi B's new token reveal.

Despite the warning from PeckShied, the promotion post remained visible on Cardi B's account for over fourteen hours. In addition to this, the account later shared another account's post featuring the rapper that appeared unrelated to the memecoin, further complicating the situation.

Prominent crypto influencer Ansem also contributed to the debate, by answering to Cardi B's post and suggesting that the feline should be named Cat SZN. The post was viewed more than 141,000 times.

But Ansem has been a controversial character himself. Ansem, who has more than half a million followers on X, was previously called out by blockchain investigator ZachXBT for promoting low-cap memecoins to his followers. The detective claimed the coins often leave retail investors holding the bag when their value plumments.

Community remains skeptical despite its outstanding performance

Crypto sleuth CryptoRugMuch highlighted a troubling trend: the top 200 wallets holding the coin's supply were newly created, with most funded by larger wallets within the project.

This revelation has sparked fears that his memecoin could be a potential rug pull, a scam in which developers drain liquidity and leave investors with worthless tokens.

Currently, $WAP has amassed a total liquidity of $548,000 and fully diluted valuation (FDV) of $17.6 million. Additionally, the coin's price stood at $0.01766, showing. A spike in activity with over 20,000 transactions in just a few hours, according to data from Dexscreener.

There are even some who have gotten money out of their purchase of this new memecoin.Does this mean that this memecoin is the real deal?

Despite all these, many are still questioning the legitimacy of this memecoin, drawing the similarities with many of the other celebrity-backed memecoin out there that just turns out to be scams.