Cardi B’s X account promotes WAP token. Is this a scam?

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As a seasoned analyst with over two decades of experience in the tech and finance industries, I have seen my fair share of celebrity endorsements for various projects, including cryptocurrencies. Given the information at hand, it’s difficult to definitively say whether Cardi B’s post promoting the WAP token is genuine or a scam.

As a researcher, I came across an intriguing development this morning: American A-list rapper Cardi B, on platform X (previously known as Twitter), shared a promotion for a novel memecoin dubbed “WAP.” This name is reminiscent of her chart-topping hit single with Megan Thee Stallion. However, a wave of speculation has arisen among her followers, who are left wondering if this post was genuinely from Cardi or if her account might have been compromised.

Shortly after, the blockchain security company, PeckShield, cautioned about the content and urged caution when engaging with the links and wallet addresses mentioned, as they might be connected to a fraudulent scheme.

However, since the top-notch video was shared and her other social media platforms continued to function as usual, a few individuals speculated that she could have been involved in the promotion despite their initial assumptions.

Additionally, the content in this post has been online for over 10 hours, which is unusual because such posts are typically taken down swiftly following a celebrity hack. Normally, the hacked celebrity would use other social media platforms to inform their followers about the hack and issue a warning. However, at present, Cardi B hasn’t issued any statements regarding this matter.

On the other hand, crypto sleuth Wazz disclosed that the provided wallet address is connected to numerous instances of rug pulls in the past. Furthermore, he argued against the notion that Cardi B’s Twitter account was compromised, instead positing it as a calculated move.

Currently, the WAP token is picking up popularity. As I type this, the token is being traded at approximately $0.0002015, and its market capitalization stands at roughly $21 million, as per Dexscreener’s data.

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2024-10-08 18:28