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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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
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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