American Rapper Cardi B Endorses WAP Token Again—But Is It A Rugpull?

Cardi B’s recent post about the meme token Wet A*s P*ssy (WAP) turned into a dramatic market shakeup. Within minutes, WAP’s market cap plunged from $2 million to just $150,000. The token’s price shot up to $0.0020 briefly, then tumbled over 90% back to $0.00019, wiping away almost all of this week’s gains.

According to reports, Cardi B shared a wallet address on her official X account with the caption “even wetter than last time.” That single message sent ripples through the crypto world. Prices leaped, then crashed. Market watchers were left scratching their heads as billions of dollars in value seemed to vanish in mere moments.

Blockchain trackers spotted something odd. A handful of wallets bought big chunks of WAP just five days before the tweet. They offloaded their tokens almost immediately after Cardi B’s post, banking roughly 10 times their original stake.

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 sudden sells helped push the token’s price back down to around $0.00019. Based on reports, this pattern looks like a classic pump-and-dump. It raises questions about whether insiders planned the entire move.

POV you might owe millions pic.twitter.com/j9FGLgoSBM

— ZachXBT (@zachxbt) June 4, 2025

This isn’t the first time WAP caused trouble. Back in October 2024, Cardi B gave it a shout-out, and security firm PeckShield flagged the token for possible malicious deeds.

That earlier buzz even led to an investigation by the UAE’s Securities and Commodities Authority after investors raised alarms over fraud and market manipulation. Many in the crypto community thought everyone would steer clear this time. Instead, the past slipped from memory, leading to heavy losses all over again.

In the last 24 hours, WAP’s value dropped another 80%. Now it trades near the same levels it was at the end of May. Everyday traders who jumped on the hype found themselves staring at red numbers.

Based on reports, some wallets walked away with tenfold returns in minutes. Meanwhile, others ended up with nearly worthless tokens. The speed of this rise-and-fall serves as a harsh reminder: if you buy a token right as it peaks, you might be stuck when the next crash hits.

Cardi B’s follow-up post clarified that her account was not hacked, promising more from “$WAP space” soon. Yet this explanation did little to calm nerves. Critics say it’s hard to separate the artist’s genuine interest from a planned marketing push. Some point out that even if she didn’t directly benefit, her endorsement gave insiders exactly the spotlight they needed to unload their shares.

Featured image from Andrew Kelly/Reuters/USA Today, chart from TradingView