Hawk Tuah, a memecoin created by viral influencer Haliey Welch, sharply dropped by 91% in worth after its launch.
Launched on December 4 at 10:00 PM UTC, Hawk Tuah (HAWK) initially skyrocketed, reaching a market capitalization of $490 million.
This success was short-lived because the token’s worth shortly nosedived, with its valuation dipping to $41.7 million inside simply three hours.
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Bubblemaps revealed that a big portion of the token’s provide—between 80% and 90%—was managed by insiders and snipers, a time period used for merchants who buy giant volumes of tokens instantly after a launch.
Welch posted a clarification on December 5, claiming that the launch had been executed by way of the decentralized liquidity protocol Meteora, designed to mitigate sniping exercise.
She additionally said that neither she nor her staff had offered any tokens. “Group hasn’t offered one token and never 1 KOL was given 1 free token”, Welch said.
Nonetheless, Solscanner revealed that one pockets was in a position to buy a big portion—17.5%—of the HAWK provide proper after the token’s launch. This pockets spent 4,195 Wrapped Solana (WSOL), and throughout the subsequent 90 minutes, the pockets offloaded 135.8 million HAWK tokens, producing a revenue of $1.3 million.
This isn’t the primary time a celebrity-backed coin has precipitated chaos—Caitlyn Jenner’s coin crash has lately made headlines for all of the unsuitable causes. How did the offended patrons react? Learn the total story.
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