As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous instances of hype and speculation leading to disastrous outcomes for unsuspecting investors. The launch of Haliey Welch’s Hawk Tuah memecoin (HAWK) is yet another example that serves as a stark reminder of the risks associated with such investments.
The debut of Haliey Welch’s Hawk Tuah memecoin (HAWK) on social media ignited widespread criticism due to its sudden surge and rapid decline after an arguably contentious release, which was marred by accusations of manipulation involving supposed snipers and privileged wallets.
Haliey Welch asserts that she, her team, or any related organizations have not engaged in any insider trading or activities.
At exactly 10:00 PM UTC on December 4th, the new meme-based cryptocurrency called Hawk Tuak (HAWK) was introduced, rapidly climbing to an impressive maximum market capitalization of around $490 million.
Initially high, the token’s value dramatically dropped, now being sold for only $41.7 million as per recent updates. This steep decrease represents a staggering 91% fall within merely two and a half hours, as indicated by DexScreener statistics.
Based on combined data from Bubblemaps and Dexscreener, it appears that approximately 80% of the HAWK tokens were held by a combination of insiders and entities known as “snipers,” who quickly acquire large quantities of a token at its launch.
Based on information from the Solana block explorer known as Solscanner, it was found that a single wallet quickly acquired 17.5% of the memecoin HAWK immediately following its launch, using approximately 4,195 Wrapped Solana (WSOL) – equivalent to around $993,000 at the time of purchase.
In the following 90 minutes, the wallet successfully offloaded approximately 135.8 million HAWK tokens, earning a total profit of around $1.3 million.
“I really lost $43k apeing in ‘hawk tuah’ coin,” wrote one user on X.
As reported by multiple users on platform X, a single investor exchanged approximately $1.4 million of a different meme coin known as MOODENG for the HAWK token, resulting in a loss of over $1.3 million.
On December 5th, via her official account on X, Hayley Welch announced that her team had not yet sold any tokens, nor had they provided any Key Opinion Leaders (KOLs) with free coins. Instead, they introduced the token onto the decentralized liquidity platform Meteora to minimize the risk of “sniping”.
1) “The team hasn’t managed to sell a single token yet, nor have any Key Opinion Leaders received a complimentary token,” she explained. “At the beginning of the launch on Meteora, we implemented high fees as a means to deter snipers.
According to Dexscreener, more than 80 digital wallets swiftly acquired HAWK tokens at their launch, and every one of these transactions resulted in a minimum return of $10,000.
HAWK memecoin risks legal backlash, say observers
Additionally, beyond the controversy surrounding the token’s release, some analysts predict that Welch and her colleagues might face scrutiny from regulatory bodies due to their launch event.
Multiple individuals using platform X asserted they’ve made SEC complaints regarding the memecoin, while legal offices are now promoting their expertise to help people recover losses they suffered from the digital token.
As an analyst, I’m sharing this information: On December 5th, Burwick Law reached out via X, inviting anyone who incurred losses with the memecoin to get in touch with them. They are eager to discuss the potential legal options available for such individuals.
“If you lost money on $HAWK, contact our firm to learn about your legal rights.”
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2024-12-05 08:52