- Waka Flocka Flame has launched the Solana-based FLOCKA meme coin.
- The “celeb coin” pattern consists of celebrities like Iggy Azalea and Davido.
- Ethereum co-founder Vatalik Buterin criticized the pattern and known as for a give attention to monetary innovation.
American rapper Waka Flocka Flame is the newest superstar 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 the ticker and contract handle for his new Solana-based meme coin, FLOCKA, along with his X (previously Twitter) followers. The publish was adopted by a video with the caption “We're residing proper now.”
Quickly after, blockchain investigator ZachXBT responded to the rapper's publish and referenced on-chain knowledge that indicated suspicious exercise in the marketplace. He famous:
“Fascinating how a brand new exchange-funded pockets has reduce off ~40% of provide and dispersed into various wallets,”
Following this, some X customers instructed group feedback on Malphrus' publish to alert customers to potential market manipulation.
Based on chain knowledge, Flocka was alive for over an hour earlier than Malphrus posted it. In the meantime, the crypto group expressed displeasure on the rapper's strategy, with one X person calling it a “complete failure.” One person commented:
“Lol bro you probably did it fallacious 😂 you wanted to place ca when it was on pump. Not after begin up 😂 and at 10M MC complete failure,”
FLOCKA noticed a value spike following Malphrus' publish X. Nonetheless, at press time, the meme coin is down 77% from its all-time excessive.
Extra lately, superstar involvement in launching meme cash has created a sector known as “celeb coin”. Australian rapper Iggy Azalea and Nigerian Afrobeats singer Davido lately launched Solana-based meme cash. Equally, social media persona Andrew Tate and former skilled wrestler Hulk Hogan have joined the pattern.
In the meantime, main American rapper Lil Pump posted a photograph on X with Solana written on his brow.
This newest superstar coin pattern has drawn criticism from crypto business leaders. Notably, Ethereum co-founder Vitalik Buterin expressed concern in regards to the pattern, calling it a cycle of “superstar experimentation.”
Buterin added that monetary innovation must be the objective of each crypto challenge and criticized the concept of ”funding as an finish product”.
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