On June 17, American rapper Waka Flocka Flame, born Juaquin James Malphurs, launched his cryptocurrency, FLOCKA; nonetheless, the launch was overshadowed by allegations of insider buying and selling.
Quickly after FLOCKA’s launch, a single pockets acquired practically 40% of the token’s whole provide and distributed it to a number of different wallets.
Blockchain investigator ZachXBT rapidly introduced consideration to this suspicious exercise on X, suggesting doable market manipulation.
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Additional supporting these suspicions, on-chain analytics platform Bubblemaps reported insider exercise following the launch.
Bubblemaps CEO Nicolas Vaiman detailed that at 6 AM UTC, one pockets held 40% of the FLOCKA provide and distributed it throughout 60 wallets inside half-hour. He acknowledged:
That is no accident.
He additionally criticized the rising broader development of celebrities getting into the crypto house, typically with out sufficient data and with doubtful intentions.
ZachXBT additionally recalled Flame’s historical past with questionable crypto initiatives, highlighting his promotion of suspicious tokens and undisclosed paid endorsements in 2021 and 2022.
Moreover, Flame claimed in an X house that he had been learning crypto since 2001, which conflicts with the truth that cryptocurrencies solely emerged with Bitcoin in 2008.
General, Waka Flocka Flame’s foray into cryptocurrency casts a shadow over the launch of FLOCKA and highlights ongoing issues about celeb involvement within the crypto market.
In different information, one other rapper, Lil Pump, has lately tattooed “Solana” on his brow, mentioning he offered his SOL tokens.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Battle II period.
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