lucky falcona memecoin created by a viral influencer Haliey Welch, sharply abandonment by 91% in value after its release.
Launched on December 4 at 22:00 UTC, Hawk Tuah (HAWK) initially fired, reaching a market capitalization of 490 million dollars.
This success was short-lived as the price of the token fell rapidly, with its The valuation drops to $41.7 million. in just three hours.
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Bubblemaps revealed that a much of the token supply—between 80% and 90%—was controlled by insiders and snipersa term used for traders who purchase large volumes of tokens immediately after a launch.
Welsh posted a clarification on December 5, claiming that the launch had been executed through the Meteora decentralized liquidity protocoldesigned to mitigate sniper activity.
She also stated that Neither she nor her team had sold any tokens.. “The team has not sold a single token and not 1 KOL received 1 free token,” Welch stated.
However, Solscanner revealed that a wallet could buy a large part—17.5%—of HAWK supply right after the token launch. This wallet spent 4195 Wrapped Solana (WSOL) and in the next 90 minutes, the wallet dumped 135.8 million HAWK tokensgenerating a profit of 1.3 million dollars.
This isn’t the first time a celebrity-backed coin has caused chaos: Caitlyn Jenner’s coin crash has recently made headlines for all the wrong reasons. How did angry shoppers react? Read the full story.
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