American rapper Juaquin James Malphurs, known professionally as Waka Flocka Flame, is the latest celebrity to controversially launch a memecoin on blockchain network Solana.

Early Monday morning, the rapper from Atlanta posted a ticker and contract address for Solana-based token FLOCKA to his 1.8 million followers on social media platform X. He also posted a short video declaring, "We live right now."

Shortly after, well-known blockchain sleuth ZachXBT replied that they found it "interesting how a fresh wallet funded via exchange sniped ~40% of the supply and dispersed to alt wallets," linking onchain evidence of the alleged activity. Community notes have subsequently been proposed on Malphurs' post that would warn readers of the potential selling pressure.

Onchain data shows that …