Questions Haliey Welch and the $HAWK team won’t answer
The post Questions Haliey Welch and the $HAWK team won’t answer appeared on BitcoinEthereumNews.com.
Haliey Welch, the media executive behind the Talk Tuah podcast, launched a memecoin called $HAWK in collaboration with overHere. The token has attracted significant controversy as its early market capitalization of nearly $400 million has quickly plummeted to under $20 million. This has led a number of Welch’s fans to brand it a scam, and the project has faced accusations that the team has been selling the token — something overHere has publicly denied. These accusations have often centered around the fact that Bubblemaps claimed 96% of the supply was in a single cluster. Assuming overHere is telling the truth and the team intended to follow the “Hawkanomics” token distribution plan, it’s important to note that it seems less than half of the token supply would be allocated to the public. What real utility for $HAWK? Besides the distribution, there are many other potential criticisms that can be levelled at this project, including potential problems with its marketing. overHere has publicly advertised that along with Welch, it will be “creating real utility for memecoins” with this project. However, the website for $HAWK, as well as the entirety of the available documentation, doesn’t describe anything resembling utility. Indeed, the closest the website comes to describing this so-called “utility” is claiming that “hundreds of thousands of non-crypto users will be onboarded by $HAWK.” However, the project seems incredibly unlikely to ever achieve that goal. Furthermore, onboarding people is not prima facie “utility,” as utility requires the token to be able to be used. Furthermore, despite claiming that the project will onboard “hundreds of thousands of non-crypto users” the Token Terms and Conditions additionally claim that, “TOKENS ARE ONLY INTENDED FOR THOSE PERSONS WHO ARE KNOWLEDGEABLE AND EXPERIENCED IN CRYPTOCURRENCIES, BLOCKCHAIN, AND RELATED TECHNOLOGIES.” It is unclear how this token could be intended…
Filed under: News - @ December 10, 2024 7:19 pm