Rapper Cardi B appears to have released a meme coin called Wet Ass Pussy (WAP), in reference to her smash hit 2020 song with Megan Thee Stallion. On-chain analytics company Bubblemaps says that 60% of the total supply was bought at launch by insiders that have already dumped $500,000—all within 12 hours of the launch.
WAP sky rocketed to a market cap of $34 million in the four hours that followed its launch and a post on Cardi B’s Twitter account that has 35.6 million followers. It has since fallen to a market cap of $21 million.
Iggy Azalea, an Australian rapper that has her own meme coin, criticized the project by calling it a “scam” and laughing at people who think Cardi B is really behind the project. In response, the WAP Twitter account responded with a video of what appears to be Cardi B endorsing the product. “WAP is live on Solana right now,” she says, wearing the same wig and outfit seen in a Twitter post a few days ago, “we’re doing this shit right this time.”
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