Sign of a temporary top for crypto? Cardi B just launched her own memecoin

American rap star Cardi B launched a new memecoin this week. The crypto coin has the name of her biggest hit to date (WAP, which stands for, well, just look it up), It immediately went up by thousands of percent and then fell like a stone again, of course.

Her name is $WAP 🐾💦
CA:Bz7vVzQhm2KMW1XgcrDruYega1MiwrAs1DQysrx4tFkp pic.twitter.com/BDvJqeqh0u

— Cardi B (@iamcardib) October 7, 2024

The month of June also saw a period when quite a few celebrities launched their own memecoins. Australian rap star Iggy Azalea launched her own ‘Mother’ coin (and got into a social media frenzy with Vitalik Buterin, founder of Ethereum).

He was just hangry pic.twitter.com/AlTwEtfIKd

— IGGY AZALEA (@IGGYAZALEA) June 5, 2024

Is this another sign of a temporary top or just a celebrity looking to make some extra cash?

Dogecoin

The history of celebrities and memecoins in the 2020s is a very interesting one.

As Bitcoin continued to climb higher in 2021, Dogecoin also did very well. Elon Musk turned out to be a fan, Snoop Dogg joined in a bit later.

.@SnoopDogg on Instagram just posted this picture with a #DOGE…

Do you see the #Dogecoins 👀 pic.twitter.com/PVzpkuD0vu

— 💸💸💸 (@itsALLrisky) March 28, 2021

The price of Dogecoin crashed later that year and some investors who got in too late filed a lawsuit against Elon for bad investment advice. Ever since then, Elon has of course been tweeting much less regularly about Dogecoin.

In early 2023, he appeared in a Dogecoin T-shirt during an NFL game though. Elon sat next to Rupert Murdoch (who, before you ask, hasn’t launched his own cryptocurrency yet).

Elon Musk casually wearing his Doge T-shirt at the superbowl with Rupert Murdoch. 🤣

What a legend! 💯 @elonmusk pic.twitter.com/1P0HVXKC01

— Sir Doge of the Coin ⚔️ (@dogeofficialceo) February 13, 2023

Bored Apes

In January 2022, when everything was still going very well for Bitcoin and crypto that year, singer Justin Bieber bought an NFT from the Bored Apes collection for about 1.25 million dollars. He also promoted the collection on social media. Many of his fans did the same and quickly purchased NFTs from that collection.

The Bored Apes Yacht Club NFT collection got endorsements from celebrities such as the Weeknd, Paris Hilton, Jimmy Fallon and Madonna. When the price of crypto started to fall a few months later (first due to the Terra-Luna scandal, later due to the bankruptcy of FTX), the prices of that NFT collection also collapsed. Just as happened with the FTX celebrities, the Bored Apes celebrities were also subpoenaed in a lawsuit.

Cardi

Fast forward to June 2024 and three months after Bitcoin set a new all-time high ($74,000 in March), we were inundated with a new wave of celebrities touting cryptocurrencies.

This year it concerns Caitlyn Jenner, Iggy Azalea, Andrew Tate, and now also Cardi B.

Even the Trump family has now announced its own cryptocurrency.

Invest at your own risk of course.