Hawk Tuah Memecoin Crashes 91%: Controversy Surrounds Its Launch
The post Hawk Tuah Memecoin Crashes 91%: Controversy Surrounds Its Launch appeared on BitcoinEthereumNews.com.
Hawk Tuah, a new memecoin created by viral influencer Haliey Welch, gained attention but quickly fell apart. Just hours after its launch, the token’s value dropped by 91%, leaving investors with huge losses. This sudden drop has raised questions about insider trading and market manipulation, putting Welch under scrutiny. Quick Rise & Sudden Fall of HAWK Token When Hawk Tuah (HAWK) made its debut on December 4, it quickly reached a $490 million market cap, thanks to the popularity of influencer Haliey Welch. Known for her viral catchphrase, Welch turned her fame into a merchandise line and a podcast with big names like Mark Cuban. Welch claimed HAWK was “not just a cash grab” and said she wanted to change how people see crypto. Her team promised not to push anyone to buy the token and planned to give free tokens to fans and customers. Welch also said she would keep 10% of the tokens but wouldn’t sell them for a year. However, HAWK’s value dropped sharply within hours of its launch, falling 91% to a market cap of $48 million. The token now trades at just $0.004826, leaving many investors disappointed. Allegations of Insider Trading & Sniping The rapid decline in HAWK’s value was linked to suspicions of insider trading and sniping, a practice where certain entities buy up large portions of a token’s supply at launch. According to data from DexScreener and Bubblemaps, insider wallets and snipers controlled up to 91% of the token’s supply at launch. However, many users accused Welch’s team of market manipulation. In response to these allegations, Welch and her team have denied any wrongdoing. In a recent tweet post, she stated that neither she nor any key opinion leaders (KOLs) were given free tokens. Copy and pasting: Hawkanomics: Team hasn’t sold one token…
Filed under: News - @ December 5, 2024 11:23 am