🌋 Celebrity Crypto Craze Continues
posted 17 Jun 2024
American rapper Waka Flocka Flame (born Juaquin Malphurs) has launched his own cryptocurrency token, FLOCKA, on the Solana blockchain. He announced the coin on X with a video declaring "We live right now," which has already garnered over 280,000 views from his 1.8 million followers.
However, the token's launch was shadowed by suspicious activity. Blockchain investigator ZachXBT found that prior to the official announcement, an unknown wallet, which had received funds from a centralized exchange, bought up 40% of all the tokens and redistributed them across various wallets.
Critics quickly took to social media, chastising Waka Flocka for publishing the smart contract post-launch, rather than during its development. Some users dismissed the token as worthless and advised the public to disregard it. Presently, the FLOCKA price has plummeted by approximately 75% from its ATH.
This phenomenon is not isolated. Other celebrities like American rapper Lil Pump, Australian hip-hop artist Iggy Azalea, and former kickboxer Andrew Tate have also launched their own crypto. Despite the questionable utility of these tokens, their emergence clearly marks a growing trend of celebrity tokens.
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