- 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 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 a ticker and contract deal with for his new Solana-based meme coin, FLOCKA, to his X (previously Twitter) followers. He adopted the put up with a video saying, “We reside proper now.”
Quickly afterward, blockchain investigator ZachXBT responded to the rapper’s put up, referencing on-chain information that recommended suspicious market exercise. He famous:
“Fascinating how a contemporary pockets funded by way of alternate sniped ~40% of the availability and dispersed to alt wallets,”
Following this, some X customers have proposed neighborhood notes on Malphrus’ put up to alert customers of potential market manipulation.
Based on on-chain information, Flocka was reside for over an hour earlier than Malphrus publicized it. In the meantime, the crypto neighborhood has expressed displeasure over the rapper’s strategy, with one X person calling it a “full fail.” One person remark learn:
“Lol, bro u did this flawed 😂 u wanted to present the ca when it was on pump enjoyable. Not after it launched 😂 and at 10M MC full fail,”
FLOCKA witnessed a value surge following Malphrus’ X put up. Nonetheless, as of press time, the meme coin has declined 77% from its all-time excessive.
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 persona 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 concerning the development, referring to it as a cycle of “superstar experimentation.”
Buterin added that monetary improvements ought to be the purpose of any crypto undertaking and criticized the concept of “financialization as the ultimate product.”
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