As a seasoned researcher with years of experience observing and analyzing the cryptocurrency market, I must say that the sudden collapse of Hailey Welch’s Hawk Tuah (HAWK) meme coin has certainly caught my attention. The rapid pump-and-dump, followed by a steep 90% downturn, is a pattern all too familiar in this fast-paced and often volatile market.
The meme coin called Hawk Tuah, created by Hailey Welch, has caused a significant uproar on various social media sites following a massive price surge-and-crash, plummeting over 90% from its peak shortly after launch. Many investors have voiced concerns about alleged insider trading and swift trades (sniper activity) in this meme coin.
At 10:00 PM UTC on December 4, Hawk Tuah (HAWK) was introduced, momentarily soaring to a maximum market capitalization of $490 million before experiencing a steep drop. Yet, Welch has firmly refuted any allegations related to insider trading or insider trading activities by her team or associated entities.
According to information from DexScreener, the value of the HAWK meme coin has plummeted to $36.6 million in just under three hours, representing a significant 90% drop. Data gathered from both Bubblemaps and Dexscreener indicates that approximately 80-90% of the HAWK supply at launch was held by a mix of insider wallets and fast-acting buyers – these are individuals or groups who quickly acquire large quantities of a token upon its initial release.
Hailey Welch promptly shared a clarification about the recent HAWK pump and dump incident via X platform’s official post. In her statement, she confirmed that neither her team nor any opinion leaders received free HAWK coins. Moreover, she mentioned that they intentionally launched the meme coin on Meteora, the decentralized liquidity protocol, to minimize the risk of sniping.
Our team has yet to sell any tokens, and no Key Opinion Leaders (KOL) have received free tokens. During the initial launch on Meteora, we attempted to deter token-sniping by implementing high fees.
Investors Lose Major Money Hawk Tuah Meme Coin Dump
Information from Solana blockchain explorer Solscanner indicates that one particular wallet swiftly acquired approximately 17.5% of the total HAWK supply shortly after its debut, spending around 4,195 Wrapped Solana (WSOL), equivalent to $993,000. Within the next 90 minutes, this wallet offloaded 135.8 million HAWK tokens, resulting in a profit of roughly $1.3 million. A user on X platform commented:
“I really lost $43k apeing in ‘hawk tuah’ coin.”
Although Welch’s team denies any wrongdoing, some market analysts think that the HAWK pump-and-dump scheme might lead to significant regulatory issues for them. On the X platform, numerous users assert they have submitted an official complaint to the US SEC regarding the HAWK meme coin. Furthermore, multiple law firms are now advertising their legal services to those who suffered losses from the meme coin.
On their December 5th update on X, Burwick Law advised anyone who suffered losses from the meme coin, $HAWK, to get in touch with them to understand their potential legal options. In simpler terms, they suggested reaching out to their firm to explore any legal remedies available if one has experienced financial losses due to $HAWK.
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2024-12-05 15:36