• Waka Flocka Flame has launched FLOCKA, a Solana-based meme coin.
• The “celeb coin” pattern additionally consists of celebrities corresponding to Iggy Azalea and Davido.
• Ethereum co-founder Vatalik Buterin criticized this pattern and referred to as for a deal with monetary innovation.

American rapper Waka Flocka Flame is the newest celeb to launch a meme coin on the Solana Blockchain, however the launch of his FLOCKA token has sparked controversy and accusations of market manipulation.

On June 17, the Atlanta-born rapper shared the ticker and contract handle for FLOCKA, a brand new Solana-based meme coin, together with his followers on X (previously Twitter). He adopted up the submit with a video titled, “We Reside within the Now.”

Shortly after, blockchain researcher ZachXBT responded to the rapper's submit, pointing to on-chain knowledge that means suspicious market exercise.

“It’s fascinating to see that new wallets funded by way of exchanges have snatched roughly 40% of the availability and dispersed it amongst different wallets.”

In response, some X customers urged a group observe on Malphrus' submit to warn customers about potential market manipulation.

In response to on-chain knowledge, Flocka had been livestreaming for over an hour earlier than Malphras went public. In the meantime, the crypto group has expressed their displeasure with the rapper's strategy, with one X consumer calling it a “whole fail.” One consumer commented:

“LOL you bought this incorrect 😂 you needed to give the CA when the pump was operating not after it was up 😂 and completely failed on the 10M MC.”

FLOCKA noticed a surge in worth following Malphrus' X submit, however as of press time, the meme coin is down 77% from its all-time excessive.

The latest involvement of celebrities in launching meme cash has given rise to a class generally known as “celeb cash.” Australian rapper Iggy Azalea and Nigerian Afrobeat singer Davido lately launched Solana-based meme cash. Equally, social media celeb Andrew Tate and former skilled wrestler Hulk Hogan have additionally joined the pattern.

In the meantime, well-known American rapper Lil Pump posted an image of X with the phrase “Solana” written on his brow.

This newest celeb coin pattern has drawn criticism from crypto business leaders, most notably Ethereum co-founder Vitalik Buterin, who expressed concern over the pattern, calling it a cycle of “celeb experimentation.”

Buterin added that monetary innovation must be the aim of any crypto undertaking, criticizing the concept of ​​“financialization as an finish product.”