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Influencer-inspired token soars and drops 90% in a matter of minutes
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Hailey Welch, a popular TikTok influencer, has officially entered the cryptocurrency industry. In your X account, Welch launched a memecoin called HAWK, inspired by one of his memes that went viral on the internet.
The influencer calls herself Hawk Tuah Girl and launched the memecoin in early December. The token gained instant popularity, reaching $500 million in market value. However, its value plummeted by almost 90% and dropped to $60 million in twenty minutes.
This high volatility has generated controversy among cryptocurrency investors, where many believe in the possibility that memecoin is a rug pull scam. On the other hand, Hailey Welch denied that she is scamming users.
According to CoinGecko, HAWK price fell 30% in the last 24 hours and reached a low of US$0.001029. The price has already accumulated a drop of 94% in the last few days.
Memecoin controversy
The Hawk Tuah (HAWK) token only has 48 hours to launch, but has established itself as one of the most popular memecoins on Solana. At its peak, HAWK coin reached an ATH of $0.00004028 just hours after launch.
At the time of its launch, the value of the token was US$0.000007099. This means that he had an increase of more than 10 times. However, within 20 minutes, HAWK fell by 50%, amounting to a 91% loss in three hours.
On the internet, investors who bought memecoin were worried about the possibility of a scam. Interestingly, once HAWK reached the maximum price, top token investors sold the tokendropping its price in twenty minutes.
This type of blow is configured as a rug pull and occurs when large wallets sell tokens that have appreciated in value. Small investors are unable to sell and see the price fall, accumulating several losses.
Other investors allege that large holders sold because of insider trading. And another worrying factor is that 96% of HAWK supply is in the hands of a small group of wallets.
In an interview with Fortune magazine, Welch denied allegations of price manipulation. According to the influencer, HAWK is a “fun and safe opportunity for her to get closer to the community”, and not a way to make money.
Influencer-inspired token soars and drops 90% in a matter of minutes
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Influencer-inspired token soars and drops 90% in a matter of minutes
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Influencer-inspired token soars and drops 90% in a matter of minutes
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Influencer-inspired token soars and drops 90% in a matter of minutes
