Hawk’s Market Plunge
Solana-based memecoin Hawk, inspired by viral YouTube star Hailey Welch, saw its market cap drop from $400 million to $37 million shortly after launch. The rapid decline raised concerns about the token’s legitimacy.Allegations of Market Manipulation
Blockchain data from Bubblemaps revealed a cluster of wallets controlling 96% of the token supply at launch, fueling accusations of insider manipulation. The cluster has since decreased to 79%, but skepticism remains.Team Denies Allegations
Welch and her team denied any wrongdoing, stating that the tokenomics, which allocate 10% of supply to the team under a 12-month lock, comply with transparency standards. They claimed high launch fees were implemented to deter bots and market snipers.Community Concerns
Critics remain wary, pointing to the token’s sharp decline and concentrated supply as warning signs. Despite this, Welch continues to advocate for the project, emphasizing her team’s commitment to fair practices.Lessons for Investors
Hawk’s turbulent launch serves as a cautionary tale for memecoin investors, highlighting the risks of speculative trading and the importance of transparency in tokenomics.
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