The Dark Side of Celeb Coins: Waka Flocka Flame’s FLOCKA Raises Red Flags

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The Dark Side of Celeb Coins: Waka Flocka Flame's FLOCKA Raises Red Flags
  • Waka Flocka Flame launched the Solana-based meme coin FLOCKA.
  • The “celeb coin” trend includes celebrities like Iggy Azalea and Davido.
  • Ethereum co-founder Vatalik Buterin criticized the trend, urging a focus on financial innovation.

American rapper Waka Flocka Flame is the latest celebrity to launch a meme coin on the Solana blockchain, but the release 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 address for his new Solana-based meme coin, FLOCKA, to his X (formerly Twitter) followers. He followed the post with a video saying, “We live right now.”

Soon afterward, blockchain investigator ZachXBT responded to the rapper’s post, referencing on-chain data that suggested suspicious market activity. He noted:

“Interesting how a fresh wallet funded via exchange sniped ~40% of the supply and dispersed to alt wallets,”

Following this, some X users have proposed community notes on Malphrus’ post to alert users of potential market manipulation.

According to on-chain data, Flocka was live for over an hour before Malphrus publicized it. Meanwhile, the crypto community has expressed displeasure over the rapper’s approach, with one X user calling it a “complete fail.” One user comment read:

“Lol, bro u did this wrong 😂 u needed to give the ca when it was on pump fun. Not after it launched 😂 and at 10M MC complete fail,”

FLOCKA witnessed a price surge following Malphrus’ X post. However, as of press time, the meme coin has declined 77% from its all-time high.

Recently, celebrities’ involvement with meme coin launches has created a sector dubbed the “celeb coin.” Australian rapper Iggy Azalea and Nigerian Afrobeats singer Davido recently launched Solana-based meme coins. Similarly, social media personality Andrew Tate and former pro wrestler Hulk Hogan have joined the trend.

Meanwhile, prominent American rapper Lil Pump posted a photo on X with the word Solana written on his forehead.

This latest celeb coin trend has drawn criticism by crypto industry leaders. Notably, Ethereum’s co-founder Vitalik Buterin voiced concern regarding the trend, referring to it as a cycle of “celebrity experimentation.”

Buterin added that financial innovations should be the goal of any crypto project and criticized the idea of “financialization as the final product.”

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