Hawk Tuah girl Hailey Welch is in a big controversy after her newly launched HAWK memecoin price skyrocketed and then tanked by more than 91% in the space of 20 minutes.
The meteoric rise of values and then a sudden free fall smells of big conspiracy and there are allegations of a rug pull of massive scale.
Hawk Tuah Girl’s $HAWK Memecoin Crash After a 20-Minute Boom
However, Hawk Tuah girl Hailey Welch has denied that there has been any instance of insider trading though it has been revealed that 96% of the total token supply is being held by top wallets.
The wild swings have led to many investors losing large amounts of money and they are contemplating legal actions.
Hawk Tuah girl in a post Dated December 5 on X stated that the team has not sold any tokens and no free tokens were distributed to opinion influencers. The post also stated that the token was launched on decentralized liquidity protocol Meteora to reduce sniping risk.
Hawk Tuah girl added,
“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 fees in the start of launch on Meteora.”
However the data released by Solana block explorer Solscanner tells a different story.
It revealed that one wallet managed to snipe HAWK seconds after launch and was able to pocket 17.5% of the supply of the memecoin for 4,195 Wrapped Solana (WSOL) — worth $993,000 at the time.
Kater in the next 90 minutes the wallet sold the 135.8 million HAWK tokens and made a cool profit to the tune of $1.3 million.
For the unversed, Hailey Welch is a popular influencer active on social media platforms and she launched her own meme coin $HAWK, on Solana on December 4, 2024.
The coin values boomed and reached $500 million before tanking to $60 million in the space of 20 minutes. The news has also been confirmed by Solana (SOL) on X.
Hailey Welch got the name “Hawk tuah girl” after a video of her went viral and her peculiar comical onomatopoeic sound of spitting enamored her fans and took the social media by storm.
The tanking of the values of the meme coin in a space of 20 minutes has once again ignited the debate about the high volatility of meme coins in the crypto arena.
There are allegations that the token was solely launched to swindle the investors by engaging in what is known in the cryptocurrency lingo as rug pull.
A rug pull is essentially a process in which developers pull out liquidity or suddenly abandon a project, resulting in the token’s price plummeting.
As per the posts by the crypto communities on social media platforms like X, the token supply of the meme coin was sniped just after launch.
Investors or bots gobble up large portions of the tokens leaving the ordinary investors with diminished access and also making them vulnerable to risks.
However, there is a silver lining since all the holders have not sold their holdings and there is some degree of optimism for the token.
