American rapper Waka Flocka Flame ignited a firestorm within the cryptocurrency community with the launch of his Solana(SOL)-based meme coin, FLOCKA. The June 17th launch was immediately met with accusations of market manipulation, casting a shadow over the already controversial trend of celebrity-backed meme coins.
FLOCKA’s announcement, shared via X (formerly Twitter) to Malphurs’ 1.8 million followers, included the ticker symbol and contract address. However, blockchain investigator ZachXBT raised suspicion shortly after, pointing to on-chain data suggesting a large wallet acquired nearly 40% of the initial supply before dispersing it. This activity fueled speculation of insider trading and unfair market advantage.
Further criticism came from X users, with some proposing community warnings on Malphurs’ post and others calling the launch a “complete fail.” Despite an initial price surge, FLOCKA has since plummeted 77% from its peak, reflecting a lack of investor confidence.
This incident highlights the burgeoning trend of “celeb coins,” where celebrities leverage their fame to promote meme coins. Similar launches by Australian rapper Iggy Azalea, Nigerian singer Davido, and social media personality Andrew Tate have sparked similar concerns. Even figures like Lil Pump have publicly embraced the trend.
Also Read: Solana Shines Beyond Memes: Becomes DePIN Leader with 12x GPU Growth & Apple WWDC Tie-In
However, prominent voices within the crypto industry are pushing back. Ethereum co-founder Vitalik Buterin expressed dismay, calling it a “celebrity experimentation” cycle. Buterin emphasized that innovation, not mere financial gain, should be the driving force behind crypto projects. He criticized the notion of “financialization as the final product.”
The controversy surrounding FLOCKA serves as a cautionary tale for investors. While celebrity endorsements may generate initial hype, long-term success hinges on real utility and a commitment to the underlying technology’s potential. Only time will tell if the “celeb coin” trend fades or evolves into something more sustainable.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
