Cardi b memecoin $wap today's 24 hrs trading volume

Answered at Oct 16, 2024

Cardi B's memecoin, $WAP, has been making waves in the cryptocurrency world. Here's a detailed look at its recent 24-hour trading volume and the surrounding buzz.

Cardi B's $WAP Memecoin: A Quick Overview

Cardi B, the Grammy-winning rapper, has ventured into the world of cryptocurrencies with her memecoin, $WAP. This token, inspired by her hit song, has been built on the Solana blockchain. Despite its celebrity backing, $WAP has faced significant scrutiny and controversy since its launch.

Trading Volume and Market Activity

  • 24-Hour Trading Volume: The $WAP token has seen a trading volume of $7.2 million in the past 24 hours (Whale Insider Twitter).
  • Market Capitalization: The token's market cap has fluctuated, reaching a peak of $34 million shortly after its launch but later stabilizing around $21.6 million (Decrypt, CoinStats).

Controversies and Investigations

Insider Trading Allegations

  • Insider Profits: Reports indicate that insiders made $250,000 within just 12 hours of the token's launch. This was achieved by purchasing a significant portion of the token supply at launch and selling it quickly (Decrypt).

Regulatory Scrutiny

  • UAE Investigation: The United Arab Emirates' Securities and Commodities Authority (SCA) has launched an investigation into $WAP, suspecting it might be part of a pump-and-dump scheme. The SCA's notice suggests that insiders and paid promoters may have artificially inflated the token's price (Gadgets360).

Community and Celebrity Reactions

  • Celebrity Criticism: Fellow rapper Iggy Azalea, who has her own memecoin, criticized $WAP, calling it a scam. This has added to the skepticism surrounding celebrity-backed tokens (Decrypt).

Conclusion

Cardi B's $WAP memecoin has captured significant attention, both for its trading volume and the controversies it has sparked. While the token has achieved impressive trading figures, the regulatory investigations and insider trading allegations cast a shadow over its legitimacy. As the situation unfolds, investors and enthusiasts alike are watching closely to see how $WAP will navigate these challenges.