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Highlights
- Hwak Tuah Girl's HAWK memecoin surged to a $500M market cap within hours but crashed 91% instantly, leading to rug pull allegations.
- Despite Welch's denial of insider trading, top wallets hold 96% of total token supply per analysts.
- Victims of the HAWK memecoin scam, like popular trader Scooter, are taking legal action.
The popular TikTok influencer Hailey Welch has officially entered the crypto industry with a HAWK memecoin inspired by her super viral meme making a spitting sound. She has gained the tag of the Hawk Tuah Girl and launched a meme-themed cryptocurrency on the same. Interestingly enough, the token gained instant popularity, reaching a market capitalization of $500M but dropping to $60M within twenty minutes.
The immediate Hawk Tuah coin’s price surge and drop became controversial among crypto investors, where many doubt the possibility of a rug pull scam.
Hawk Tuah Girl Surrounded In HAWK Memecoin Scam Controversy
Despite its launch on December 4, the Hawk Tuah coin (HAWK) is one of the most trending Solana memecoins with high popularity. At its peak, the HAWK coin achieved an ATH of $0.00004028 just a few hours after the launch. More importantly, this was launched with a listing price of $0.000007099, but it surged more than 10x soon after that. However, within 20 minutes, the HAWK coin dropped 50% and 91% in three hours, making it controversial.
LATEST: @HalieyWelchX’s (Hawk Tuah Girl) newly launched token on @Solana soared to $500M before crashing below $60M in just 20 minutes. pic.twitter.com/xjsTxzKB05
— SolanaFloor (@SolanaFloor) December 4, 2024
It concerns crypto investors as they fear the possibility of a memecoin scam. Interestingly, as soon as the Hawk Tuah coin price attained an ATH, the top token holders mass-sold the token, crashing its price within twenty minutes. Interestingly, this major drop is also keeping it steady in media attention, fueling its popularity, as it is currently trading at $0.00002101 after a significant recovery. In the last 24 hours, the price has surged 168% with a market capitalization and trading volume of $210.71M and $431.39K.
In analyzing the situation, many crypto analysts and influencers have claimed that this Hawk Tuah girl’s token dropped due to insider trading. More importantly, Bubblemap has revealed that 96% of the HAWK memecoin supply is clustered, meaning a set of individuals holds 96% of the total Supply.
🚨🚨WARNING🚨🚨$HAWK token insiders kept over 97% of the supply and are actively selling!!! pic.twitter.com/KhfXwvQDwV
— Beanie (@beaniemaxi) December 4, 2024
Hailey Welch Claims ‘No Insider Trading’
In an early interview with Fortune, Hailey Welch, or the Hawk Tuah girl, said that this memecoin is “not just a cash grab.” Instead, it is a fun and secure opportunity for her to get closer to the community. More importantly, her management revealed that she wants to change people’s perspective on crypto. However, this turned into a memecoin scam controversy where many investors were left with heavy losses due to the sudden drop.
With the HAWK memecoin crash, Hailey Welch commented on the situation, claiming that the team has not sold any tokens and has not shared any free HAWK coin with KOL. Additionally, she revealed that they had tried to stop the snipers with high fees in the early launch stage, but that clearly failed as the price dropped.
Copy and pasting:
Hawkanomics:
Team hasn’t sold one token and not 1 KOL was given 1 free token
We tried to stop snipers as best we could through high fee’s in the start of launch on @MeteoraAG
Fee’s have now been dropped pic.twitter.com/E7xN9VmCrx
— Haliey Welch (@HalieyWelchX) December 4, 2024
However, despite her claims, people are concerned about the sniper or probable insiders. It is because, despite the heavy selling, the top 10 wallets still carry more than 87% of the total HAWK memecoin supply. One of these wallets sniped 17.5% of the Hawk Tuah coin supply seconds after the launch and sold a major portion, making $1.3M in profits.
The outcome is unclear, but people are eyeing legal action against the Hawk Tuah girl. One crypto investor, Scooter, went ahead with the legal action and shared that he has filed the report. Additionally, he is urging others to do the same against these ruggers. A popular law firm, Burwick Law, also commented and asked the victims to connect with them to understand their rights in such a situation.
Final Thoughts
Pump.Fun and similar launchpads have made memecoin creation quite easier. With that, Pump.fun has achieved ATH revenue, but the memecoin scams are also rising, which is concerning. Investors believe Hawk Tuah girl’s memecoin is also in a rug pull scam situation, as the HAWK memecoin surged heavily and dropped heavily within a few hours. Interestingly, the creator, Hailey Welch, claims that it is not insider trading. However, the top holders carry large HAWK coin holdings, making it concerning for the other as more sell-offs can happen.
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