Cardi B Brings Back WAP But Is This Meme Coin As “Wet” As Rumored?
The famous female rapper Cardi B has just stirred up the crypto community when she once again promoted the meme coin WAP inspired by the famous song of the same name. However, instead of creating a positive effect, Cardi's comeback announcement has caused a series of doubts from top blockchain detectives.
Legal doubts overshadow WAP
Shortly after the attention-grabbing tweet was posted, famous on-chain analyst ZachXBT quickly jumped in. He not only questioned the motive behind the WAP campaign, but also cleverly linked it to Cardi's recent personal legal troubles. More interestingly, Offset - her ex-husband and member of the band Migos - is also said to have offered to "support" this coin.
While there is no clear evidence of a connection between the WAP campaign and the lawsuits, the crypto community cannot help but wonder: Is WAP being used as a tool to raise capital or avoid liability?
WAP plummets but miraculously survives?
In just the past 24 hours, the price of WAP has “washed away” 77.7% of its value, an unpleasant figure for peak buyers. The market capitalization of this coin has plummeted from over $2 million to just $226 thousand, wiping out more than 90% of its value overnight.
However, when looking at a longer time frame, WAP still has a certain bright spot. In the past 30 days, this coin has recovered more than 343%, showing that meme coins still have a place to play in a market that is very fond of humor and the virality of internet culture.
History Repeats But Less Flashy
WAP isn’t Cardi B’s first dip into the crypto world. In October 2024, she confused the community by posting information about this coin, causing the price to skyrocket to $0.038 – an all-time high (ATH). Many people at the time thought her account was hacked, but Cardi quickly confirmed that she was the one behind the campaign.
Compared to the first time, this WAP 2.0 campaign, although “wetter” in terms of marketing language, is “drier” in terms of investment performance and community trust.
Why investors should care
The rise and fall of meme coins like WAP clearly reflects the speculative nature and volatility of the crypto market. Especially with celebrity-linked coins, the line between “marketing campaign” and “rug pull” is always something to be careful about.
This is also a reminder that before FOMOing into a coin because of a tweet or viral image, investors should always zoom in on the price chart and zoom out on emotions.