The Dark Side of Celeb Coins: Waka Flocka Flame’s FLOCKA Raises Red Flags
- Waka Flocka Flame launched the Solana-based meme coin FLOCKA.
- The “celeb coin” trend includes celebrities like Iggy Azalea and Davido.
- Ethereum co-founder Vatalik Buterin criticized the trend, urging a focus on financial innovation.
American rapper Waka Flocka Flame is the latest celebrity to launch a meme coin on the Solana blockchain, but the release of his FLOCKA token has been met with controversy and accusations of market manipulation.
On June 17, the Atlanta-born rapper shared a ticker and contract address for his new Solana-based meme coin, FLOCKA, to his X (formerly Twitter) followers. He followed the post with a video saying, “We live right now.”
Soon afterward, blockchain investigator ZachXBT responded to the rapper’s post, referencing on-chain data that suggested suspicious market activity. He noted:
“Interesting how a fresh wallet funded via exchange sniped ~40% of the supply and dispersed to alt wallets,”
Following this, some X users have proposed community notes on Malphrus’ post to alert users of potential market manipulation.
According to on-chain data, Flocka was live for over an hour before Malphrus publicized it. Me…
The post The Dark Side of Celeb Coins: Waka Flocka Flame’s FLOCKA Raises Red Flags appeared first on Coin Edition.
Read More
The Dark Side of Celeb Coins: Waka Flocka Flame’s FLOCKA Raises Red Flags
- Waka Flocka Flame launched the Solana-based meme coin FLOCKA.
- The “celeb coin” trend includes celebrities like Iggy Azalea and Davido.
- Ethereum co-founder Vatalik Buterin criticized the trend, urging a focus on financial innovation.
American rapper Waka Flocka Flame is the latest celebrity to launch a meme coin on the Solana blockchain, but the release of his FLOCKA token has been met with controversy and accusations of market manipulation.
On June 17, the Atlanta-born rapper shared a ticker and contract address for his new Solana-based meme coin, FLOCKA, to his X (formerly Twitter) followers. He followed the post with a video saying, “We live right now.”
Soon afterward, blockchain investigator ZachXBT responded to the rapper’s post, referencing on-chain data that suggested suspicious market activity. He noted:
“Interesting how a fresh wallet funded via exchange sniped ~40% of the supply and dispersed to alt wallets,”
Following this, some X users have proposed community notes on Malphrus’ post to alert users of potential market manipulation.
According to on-chain data, Flocka was live for over an hour before Malphrus publicized it. Me…
The post The Dark Side of Celeb Coins: Waka Flocka Flame’s FLOCKA Raises Red Flags appeared first on Coin Edition.
Read More