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Crypto community criticizes Waka Flocka Flame's new celebcoin

Crypto community criticizes Waka Flocka Flame's new celebcoin

The BlockThe Block2024/06/17 09:01
By:Adam James

Rapper Waka Flocka Flame launched a Solana-based memecoin, but some — including ZachXBT — were quick to point out its issues.

American rapper Juaquin James Malphurs, known professionally as Waka Flocka Flame, is the latest celebrity to controversially launch a memecoin on blockchain network Solana.

Early Monday morning, the rapper from Atlanta posted a ticker and contract address for Solana-based token FLOCKA to his 1.8 million followers on social media platform X. He also posted a short video declaring, "We live right now."

Shortly after, well-known blockchain sleuth ZachXBT replied that they found it "interesting how a fresh wallet funded via exchange sniped ~40% of the supply and dispersed to alt wallets," linking onchain evidence of the alleged activity. Community notes have subsequently been proposed on Malphurs' post that would warn readers of the potential selling pressure.

Onchain data shows that FLOCKA had already been live for at least an hour before Malphurs tweeted — something various users on X have taken issue with. "You needed to give the [contract address] when it was on pump fun, not after it launched," one user commented , calling it a "complete fail."

After an initial pump following the post on X, FLOCKA is currently down roughly 77% from its all-time high price.

The Block reached out to Waka Flocka Flame for comment.

The price of FLOCKA pumped before a harsh and immediate decline.

Celebrity memecoins on the market's mind

FLOCKA is one of many memecoins in the recently denoted celebcoin sector. Rapper Iggy Azalea and personality Andrew Tate have both recently launched Solana-based memecoins, as has former professional wrestler Hulk Hogan and various others. Heavily tattooed Rapper Lil Pump even recently posted what appears to be a tattoo of the word Solana on his forehead.

Many crypto industry professionals have expressed general discontent with the latest celebcoin trend. Ethereum co-founder Vitalik Buterin recently declared that he's "feeling quite unhappy about 'this cycle’s celebrity experimentation.'"

'Financialization as a means toward an end,' I can respect if the end is worthy (healthcare, open source software, art, etc)," before  criticizing the idea of "Financialization as the final product.”


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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