Insiders Have Made $250,000 on Cardi B WAP Solana Meme Coin in Just 12 Hours

On-chain analytics company Bubblemaps found that 60% of the supply was “bundled” at launch. Bundling refers to the use of a tool that creates multiple wallets that purchase the same token. This gives the impression that a large number of wallets are holding a small amount of the token, when in reality it has one central authority with a large portion of supply.

With control of over half of the total supply, these insiders have already sold $500,000. By doing so, Bubblemaps claims the insiders have profited at least $250,000. But this only accounts for 3% of the total tokens bundled at launch. “But note this doesn’t mean [they] can get $16.6 million profit out of [the rest of the supply],” Chak Tse, Bubblemaps on-chain analyst, told Decrypt, “[because] there’s only $310,000 Solana liquidity in the pool.”

This means that while the insiders’ effective remaining balance is $16.6 million, due to the lack of funds in the liquidity pool that cannot cash out for that value. Instead, if they want to sell everything, they’ll have to wait and slowly sell as more investors join for exit liquidity. “Most of the celeb coin teams sell at a slow rate, to not make it obvious that the team is dumping,” Tse said, explaining that the total amount bundled is “fairly typical” for celebrity meme coins albeit “outrageous.”

Celebrity meme coins are nothing new. This year in particular we’ve seen countless celebrities release Solana meme coins, Caitlyn Jenner sparked the trend when she released JENNER with the controversial crypto coin promoter Sahil Arora. Jenner later claimed the promoter had “scammed her.” Arora went on to release tokens with Rich the Kid, Jason Derulo, and attempted to front run Azalea’s project—sparking controversy every time he launched.

While he claims to have profited $200,000 from Cardi B’s new meme coin, Arora also says that he is not “directly involved” in this project despite publicly accepting clout on social media. Many have said the celebrity meta had died out after a number of high-profile hacks led to embarrassing results.