The Darkish Aspect of Celeb Cash: Waka Flocka Flame’s FLOCKA Raises Crimson Flags

• Waka Flocka Flame launched the Solana-based meme coin FLOCKA.
• The “celeb coin” development contains celebrities like Iggy Azalea and Davido.
• Ethereum co-founder Vatalik Buterin criticized the development, urging a concentrate on monetary innovation.

American rapper Waka Flocka Flame is the newest celeb to launch a meme coin on the Solana blockchain, however the launch 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 tackle for his new Solana-based meme coin, FLOCKA, to his X (previously Twitter) followers. He adopted the submit with a video saying, “We dwell proper now.”

Quickly afterward, blockchain investigator ZachXBT responded to the rapper’s submit, referencing on-chain information that instructed suspicious market exercise. He famous:

“Attention-grabbing how a recent pockets funded through alternate sniped ~40% of the provision and dispersed to alt wallets,”

Following this, some X customers have proposed neighborhood notes on Malphrus’ submit to alert customers of potential market manipulation.

In keeping with on-chain information, Flocka was dwell for over an hour earlier than Malphrus publicized it. In the meantime, the crypto neighborhood has expressed displeasure over the rapper’s method, with one X person calling it a “full fail.” One person remark learn:

“Lol, bro u did this improper 😂 u wanted to offer the ca when it was on pump enjoyable. Not after it launched 😂 and at 10M MC full fail,”

FLOCKA witnessed a worth surge following Malphrus’ X submit. Nonetheless, as of press time, the meme coin has declined 77% from its all-time excessive.

Just lately, celebrities’ involvement with meme coin launches has created a sector dubbed the “celeb coin.” Australian rapper Iggy Azalea and Nigerian Afrobeats singer Davido not too long ago launched Solana-based meme cash. Equally, social media character Andrew Tate and former professional wrestler Hulk Hogan have joined the development.

In the meantime, outstanding American rapper Lil Pump posted a photograph on X with the phrase Solana written on his brow.

This newest celeb coin development has drawn criticism by crypto trade leaders. Notably, Ethereum’s co-founder Vitalik Buterin voiced concern relating to the development, referring to it as a cycle of “celeb experimentation.”

Buterin added that monetary improvements needs to be the purpose of any crypto venture and criticized the thought of “financialization as the ultimate product.”