With every passing week, the celebrity coin season seems to be getting renewed. American Rapper Juaquin James Malphurs, aka Waka Flocka Flame, launched a Solana-based memecoin a few hours back.

During the early hours of Monday, he posted a video claiming, “Yo, we live right now.” Alongside, he revealed a contract address and ticker of the token - FLOCKA.

On-chain sleuth ZachXBT has time and again unveiled the scam projects that the rapper has been involved with and promoted on his social handles.

With regard to the latest token launched, ZachXBT asserted,

“Interesting how a fresh wallet funded via exchange sniped ~40% of the supply and dispersed to alt wallets.”

This led to community notes being added under the rapper’s original post to warn users. In fact, the token went live an hour before the celebrity posted about its live status on X [formerly Twitter].

After launch, the token went on to claim a high of $0.0294. However, without adequate buy pressure, it could not sustain around the highs.

At press time, it was down to an $8.4 million market cap, and was seen exchanging hands at $0.00828, down 71.8% from its peak.

Most from the crypto community were unhappy with the launch. Comments like “bro is trash, don’t even waste your time” flooded the rapper’s comment section, with Bubblemaps re-affirming ZachXBT’s claim of how a particular wallet sniped more than 40% of the supply pre-launch and spread it into 60+ wallets before Waka Flocka made the actual announcement.

The blockchain data platform asserted,

“Huge insider activity on FLOCKA.”

Several celebrities have been getting involved with crypto of late. Iggy Azalea, Andrew Tate, and Hulk Hogan are among the most prominent ones. Ethereum’s co-founder Vitalik Buterin recently called out the ongoing celebrity coin experimentation. Via a recent post on X [formerly Twitter], he asserted that he was “feeling quite unhappy” about how things have been panning out this cycle.