The launch of American rapper Waka Flocka Flame’s cryptocurrency, FLOCKA, has been marred by allegations of insider trading. Shortly after the release, a single wallet acquired a significant portion of the token’s total supply and distributed it to multiple other wallets, raising suspicions of market manipulation.
Blockchain investigator ZachXBT quickly flagged this suspicious activity, pointing out the unusual distribution of FLOCKA tokens. On-chain analytics platform Bubblemaps also reported insider activity following the launch, further fueling concerns about the legitimacy of the project.
Bubblemaps CEO Nicolas Vaiman criticized the trend of celebrities entering the crypto space without adequate knowledge or genuine intentions. He highlighted Flame’s history with questionable crypto projects and undisclosed paid endorsements, casting doubt on the rapper’s credibility in the industry.
Flame’s claim of studying crypto since 2001, a time before cryptocurrencies like Bitcoin emerged, also raised eyebrows among industry experts. The controversy surrounding FLOCKA’s launch underscores ongoing concerns about celebrity involvement in the crypto market and the need for transparency and accountability.
In related news, rapper Lil Pump made headlines by tattooing “Solana” on his forehead and announcing the sale of his SOL tokens, adding to the growing intersection between music and cryptocurrency. As the crypto industry continues to attract attention from high-profile figures, the need for responsible and ethical practices remains a pressing issue.
