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 the decentralized liquidity protocol Meteora, designed to mitigate sniping exercise.
She additionally acknowledged that neither she nor her workforce had bought any tokens. “Staff hasn’t bought one token and never 1 KOL was given 1 free token”, Welch acknowledged.
Nevertheless, 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 inside 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 brought on chaos—Caitlyn Jenner’s coin crash has not too long ago made headlines for all of the flawed 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 Battle II period.With near a decade of expertise within the FinTech business, Aaron understands the entire largest points and struggles that crypto fans face. He’s a passionate analyst who is anxious with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and business newcomers.Aaron is the go-to particular person for every thing and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to remodel the house as we all know it, and make it extra approachable to finish freshmen.Aaron has been quoted by a number of established shops, and is a printed writer himself. Even throughout his free time, he enjoys researching the market tendencies, and on the lookout for the following supernova.
