Cardi B’s WAP memecoin pump ends in another rug pull … again

Cardi B’s promotion of the WAP memecoin on X the other day sparked a 100% price surge, only for its market cap to crash from $2.5 million to $139K shortly after, as wallets that had accumulated five days before the post dumped.

On June 3, rapper Cardi B promoted the memecoin Wet Ass and Pussy (WAP) on X, sharing its contract address and declaring, “WAP is back. Even wetter than last time.” Her post sent WAP’s price surging from the opening price of $0.0011 to an intraday high of $0.0022 — a 100% spike.

However, the hype was short-lived. Within minutes, the token’s market cap plummeted from $2.5 million to just $139,000. According to X user @dethective, who exposes KOLs’s dumps, the crash was triggered by wallets that had quietly accumulated WAP about five days before Cardi’s X post and sold immediately after it, securing 10X profits.

Apparently, Cardi B was holding a large portion of WAP token supply from the previous time she had promoted it, which was in October last year. Back then, the token briefly surged to a $40 million market cap before crashing below $200,000. Security firm PeckShield even flagged it for potential malicious activity.

“If you fell again for Ghetto Trash @iamcardib and her $WAP Scam, well deserved! You will never learn!,” said crypto commentator Patrick Schmitt, calling out those who traded the WAP memecoin after what had happened last year.

On-chain sleuth ZachXBT chimed in to the WAP discussion on X, commenting directly on Cardi B’s post “POV you might owe millions,” implying that her return to promoting WAP may be financially motivated and referencing her ongoing financial dispute with estranged husband Offset over child support and alimony.