As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of shady deals and questionable practices. The situation surrounding the launch of the $HAWK meme coin is one that raises many red flags for me.
Halley Welch, popularly recognized as the “Hawk Tuah Girl” due to her viral fame, found herself in a tricky situation when YouTube investigator Stephen “Coffeezilla” challenged her on a live broadcast regarding the contentious debut of the $HAWK meme coin.
On December 4, 2024, the HAWK coin was introduced on the Solana blockchain, but it quickly became embroiled in controversy. Allegations of insider trading and a “rug pull” scheme have been levied against it. In just 20 minutes after its launch, the value of the $HAWK coin dropped from half a billion dollars to sixty million, sparking outrage among investors.
Concerns have arisen among investors over the sudden drop in value, leading some to allege that Welch and her associates may have intentionally cashed out their coins, triggering a dramatic price drop and leaving investors holding virtually worthless investments – a practice often referred to as a rug pull.
As a crypto investor, I found myself embroiled in a heated exchange where Coffeezilla pointed fingers at Welch and her team, alleging their involvement in the fishy events surrounding the launch of the coin. He referenced on-chain data showing “sniper” traders capitalizing on the market opening to offload over 135 million $HAWK tokens, raking in a staggering $1.3 million from a single sale.
Addressing Welch specifically, Coffeezilla stated, “I’ve never witnessed a more disappointing and disheartening launch. I’ve been tracking it for some time now. Your platform earned over a million dollars in fees, yet your followers experienced a rug pull. There were signs of manipulation, but there was also evidence suggesting insider trading directly tied to your creator accounts.
According to Welch’s group, they have refuted these accusations, instead pointing to external market participants as the cause of the collapse. A representative explained, “Some individuals manipulated the price by inflating it to an irrational market cap and then selling off. That was not our doing.” However, Coffeezilla has continued to assert that the team gained profits from the coin’s 15% transaction fee system, which supposedly took advantage of investors.
Concerns have been raised due to unusual behavior during the introduction of the HAWK token, as it was found that 96% of its initial supply was in the hands of insiders, according to blockchain data from Bubblemaps. This revelation has sparked significant apprehension.
Since then, that percentage has dropped to 79%, but the data sparked suspicions of market manipulation. Detractors claim that the HAWK group misappropriated approximately $2 million, causing substantial losses for investors instead.
There’s been an influx of allegations about insider trading and questionable behavior on social media, which has added fuel to the fire regarding the token’s sudden increase and decrease in value, stirring up more debate.
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2024-12-05 20:04