Cardi B promoted the WAP memecoin, sparking warnings from crypto experts and suspicions of a 'pump and dump' scheme.
The WAP token's market value crashed by 80% shortly after Cardi B's social media post, dropping from $2.5 million to $139,000.
Many celebrities, including Donald Trump, Elon Musk, and Caitlyn Jenner, have promoted different memecoins, with results often turning out to be scams or causing significant problems.
Experts believe Cardi B's promotion of the WAP token may have been a deliberate move to manipulate the price for profit, as some individuals who bought tokens prior to her post made significant returns post the tweet.