The memecoin $HAWK, created by Hailey Welch on the Solana blockchain, became known for its astounding rise and equally dramatic fall.
Meteoric Rise
On December 4, the $HAWK token debuted with a market cap nearly reaching $500 million in minutes. However, it dropped 91% within three hours to a market cap of $49 million.
Controversy Behind the Crash
The crash of $HAWK sparked controversy, including allegations of insider trading. Data showed snipers and insiders controlled up to 90% of tokens initially. Hailey Welch denied involvement, and investigations revealed a wallet acquired 17.5% of tokens, selling them for $1.3 million profit.
Legal and Ethical Questions
Users raised concerns about the legality of $HAWK's launch, filing complaints with the SEC. Welch’s manager claims the project aims to engage with fans rather than break laws.
The $HAWK story raises questions about transparency and the future of the crypto industry.
