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 value rapidly 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 workforce had offered any tokens. “Crew hasn’t offered one token and never 1 KOL was given 1 free token”, Welch said.
Nonetheless, Solscanner revealed that one pockets was capable of 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 triggered chaos—Caitlyn Jenner’s coin crash has lately made headlines for all of the fallacious causes. How did the offended consumers react? Learn the total story.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Conflict II period.With near a decade of expertise within the FinTech trade, Aaron understands all the greatest points and struggles that crypto lovers face. He’s a passionate analyst who is worried with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and trade newcomers.Aaron is the go-to particular person for every little thing and something associated to digital currencies. With an enormous ardour for blockchain & Web3 training, Aaron strives to remodel the house as we all know it, and make it extra approachable to finish novices.Aaron has been quoted by a number of established shops, and is a broadcast writer himself. Even throughout his free time, he enjoys researching the market developments, and searching for the following supernova.
