The launch of the $WOLF memecoin by Hayden Davis stirred emotions in the crypto community, but its rapid growth was soon followed by a sharp decline.
The Rise and Fall of $WOLF
The launch of $WOLF was met with immense excitement. Promoted by the WallStreetBets community, the token's market cap surged to $40 million. However, like many of Davis' previous ventures, $WOLF lost its value quickly, dropping by nearly 99%. Its current market cap hovers around $481,000. Blockchain analysis firm Bubblemaps uncovered that 82% of tokens were held by a small group of wallets, raising the risk of a 'rug pull' scheme.
$WOLF: Another Scam or Legit Opportunity?
The $WOLF token follows a familiar path for Davis, starting with hype and ending with devaluation. Bubblemaps revealed funding through a series of wallets, indicating a premeditated plan for manipulation. These discoveries suggest possible dishonest intentions, especially as Argentine prosecutors soon requested an Interpol Red Notice for Davis.
A History of Controversy
Davis is linked to multiple failed memecoins, including $LIBRA, which collapsed after being endorsed by Argentine President Javier Milei. This crash is considered one of the largest 'rug pull' schemes in crypto history. His portfolio includes other dubious projects, such as Kelsier Ventures. The future of memecoins remains uncertain: although coins like Dogecoin retain popularity, the risk of scams is evident in cases like $LIBRA and $WOLF.
The case of $WOLF raises important questions about investment safety in memecoins. Despite the success of coins like Dogecoin, fears of scams are not unfounded.
