Rapper Cardi B has stepped into the crypto world, following the trend of celebrities using their social media clout to promote crypto.
On October 7, she took to X to share a teaser for the WAP memecoin, referencing her song with Megan Thee Stallion.
However, many fans question whether the post was legitimate, speculating that her account may have been hacked.
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The hack theory gained momentum after blockchain security firm Peckshield warned users to be cautious about links and addresses associated with the post.
Despite these concerns, 10 hours later, the post remains on Cardi B's profile, which is unusual for a hack. Additionally, the promotional content is high-quality, and her other social media accounts are posting as usual, suggesting this may have been intentional.
So far, the WAP token has made an impressive debut, reaching a market cap of $20.74 million and gathering over $671,000 in liquidity.
Despite the initial success, people are wary of celebrity-backed crypto projects due to several high-profile failures recently. Celebrities like Caitlyn Jenner, Jason Derulo, and Sexyy Red have launched their tokens this year, all of which have since dropped in value significantly.
However, not all celebrity ventures have gone this way. Australian rapper Iggy Azalea's token, MOTHER, has performed well in the market. She is now looking to add more value to the token by launching an online casino that will be powered by MOTHER.
Whether Cardi B's dive into the world of crypto is part of a well-calculated strategy or another case of misplaced trust remains to be seen.
