Cardi B’s renewed promotion of the WAP meme coin triggered a rapid price gain followed by a 90% crash.
American rapper Cardi B has once again promoted the controversial cat-themed meme coin Wet Ass Pussy [NC] on her official X account. The post also included a crypto wallet address and the caption “even wetter than last time.”
$WAP is back 🐾💦
Even wetter then last time
CA: Bz7vVzQhm2KMW1XgcrDruYega1MiwrAs1DQysrx4tFkp
— Cardi B (@iamcardib) June 3, 2025
Within minutes of the tweet, WAP’s market capitalization dropped from $2 million to $150,000. The price of the token jumped to $0.0019 but has since dropped over 90% to around $0.00019, erasing most of this week’s gains.
WAP is now trading near the same levels it saw at the end of May. The meme coin’s price has dropped by 80% in the past 24 hours.
Initially, many crypto community members speculated that Cardi B’s X account had been hacked. However, those doubts were put to rest when her account followed up with a post saying, “Not hacked. $WAP space coming soon.”
Crypto Sleuths Raise Red Flags
Crypto investigator “dethective” raised red flags on X. He pointed out that certain wallets acquired large amounts of WAP just five days before the tweet.
So today, @iamcardib remembered that she still held a large portion of the $WAP supply and decided to run another pump and dump.
The token went from 2.5M to 139k a couple of minutes after the tweet
The dump was triggered by some wallets that bought the token around five days… pic.twitter.com/7Nwr27rcZA
— dethective (@dethective) June 3, 2025
These wallets allegedly dumped the tokens right after Cardi B’s post, earning 10x profits in minutes. He argued that while Cardi B might not have directly executed the sales, promoting a questionable project on her profile makes her accountable.
Many also raised concerns over the wallet address shared by Cardi B. Analysts claimed this address had been linked to suspicious activity in the past, adding to the fears that the whole campaign was a coordinated rug pull.
Several community members hinted that Cardi B’s sudden involvement with WAP might be financially motivated, referencing her recent public spat with her estranged husband, Offset, over child support and alimony.
Cardi B’s Previous Involvement With WAP Token
It is interesting to note that this is not Cardi B’s first run-in with WAP. Back in October 2024, she had promoted the same token and wallet, which was later flagged by security firm PeckShield for potentially malicious behavior.
That incident even led to an official investigation by the UAE’s Securities and Commodities Authority after investors accused the project of market manipulation and fraud.
Crypto commentator Patrick Schmitt criticized those who invested in the token again, claiming they should’ve known better after previous controversies.
If you fell again for Ghetto Trash @iamcardib and her $WAP Scam, well deserved! You will never learn! pic.twitter.com/bvYWFu7rID
— mrpatrickschmitt (@mr_pschmitt) June 4, 2025