The original Dogwifhat cap, worn by viral dog Achi, was up f | X mucaN on Binance Square

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The original Dogwifhat cap, worn by viral dog Achi, was up for auction on Ord City and Finn, the CEO of bags won it.
We are seeing a lot of things happen in crypto. 
Could this also be another avenue for money laundering? 
The truth is, a lot of things are going on behind the scenes and a lot of people do not know. 

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Contd: Key Red Flags to Watch Out For Projects with token distribution concentrated in a few wallets give insiders too much power to manipulate the market. Immediate liquidity, as seen in $HAWK’s Strategic Allocation, benefits insiders at the expense of long-term stability. High fees marketed as “anti-sniping” often generate revenue for the team rather than benefiting the community. Scrutinize the purpose and beneficiaries of trading fees. Fame doesn’t equal trustworthiness. Projects that rely heavily on celebrity promotion often lack substance or long-term commitment. Tokenomics should align with the project’s vision. Lack of clarity or overly optimistic promises are signs of potential trouble.

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Contd: Lessons Learned and What Investors Should Watch For The $HAWK collapse is a textbook example of why celebrity-backed memecoins often fail. These projects typically lean on hype and fame rather than solid fundamentals and community, leaving investors vulnerable when things go south. Red flags like token control, aggressive unlock schedules, and unclear fee structures are common. Most celebrities abandon these projects once the hype dies down, leaving retail holding the bag.

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Contd: While Welch insisted her team’s tokens were locked, on-chain data showed wallets linked to the team participating in the sell-off.

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Contd: The 17% token allocation, unlocked at launch, allowed early backers to sell $3.3 million worth of tokens immediately. This created overwhelming sell pressure and set off a chain reaction. If we look closely, of the 285 wallets participating in the presale: - 89 wallets sold 100% of their tokens immediately. - 47 wallets sold more than half their holdings. - 19 wallets sold less than half their holdings. - Only 130 wallets retained any tokens post-launch. On top of these things, a 15% trading fee, marketed as a deterrent against snipers, generated over $2 million in revenue for the team within 24 hours.

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How Hailey Welch’s $HAWK Token Became a $500M Disaster The launch of the Hailey Welch-backed $HAWK memecoin was one of crypto’s most dramatic stories in 2024. Within hours, the token soared to a $500 million market cap before collapsing by 95%, erasing millions of dollars. Welch, a viral internet personality famous for her “hawk tuah” catchphrase, leveraged her massive online following and collaborations with influencers to promote the token. But behind the hype, $HAWK’s launch revealed troubling tokenomics, insider sell-offs, and centralized control that left retail investors holding the bag. Bubblemaps revealed that 96% of the token supply was controlled by a tightly connected cluster of wallets. This level of centralization enabled insiders to manipulate the market and coordinate sell-offs. Source: Bubblemaps

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