The post Why Waka Flocka Flame Insists His Meme Coin Isn’t a Cash Grab appeared on BitcoinEthereumNews.com.

From Jason Derulo to Iggy Azalea and Caitlyn Jenner, there’s been a rush of celebrities flooding the meme coin world—though the initial novelty of this latest wave of celebrity coins may be wearing off on traders, especially amid a rise in scams aiming to capitalize on the craze via hacked social media accounts. Rapper Waka Flocka Flame (aka Juaquin James Malphurs), is part of that pack of recent celeb entrants into the meme coin world—and in an exclusive interview with Decrypt, he said he remains focused on his FLOCKA community, paying little attention to other coins and what their celebrity backers are doing with them. Despite his declared commitment to the community, Flame and his team have faced accusations of insider trading following the launch of his FLOCKA meme coin via Solana on June 17. Concerns arose about a wallet that acquired around 40% of the coin’s supply and then distributed it to multiple wallets quickly after the launch. Flame tells Decrypt that traders “sniped” a majority of the supply ahead of the launch, leaving his team scrambling and feeling unable to properly represent the token. “I’m gonna be honest. Fuck it. What happened was we first lost the coin. People sniped 60% of the coin, like 70%,” he said. “So I was like, hold the fuck up. No, no, no, shut that coin down, really, because I don’t even have any of it. And this is my coin. Hello? That’s my narrative. That’s not cool.” Flame had teased the coin for days, even retweeting people who said they’d snap up any token he launched—so even if the launch itself wasn’t formally announced in advance, meme coin traders were on the lookout for a drop. Some traders use sniper bots to snap up large chunks of new tokens before they’re…

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Filed under: News - @ July 4, 2024 5:20 am