Hayden Davis, infamous for his controversial past, has caught public attention once more with a new cryptocurrency project — the meme coin $WOLF. The crypto community is worried it might be another scam.
The Rise and Fall of $WOLF
The launch of $WOLF was marked by excitement, supported by the WallStreetBets community, pushing its market cap to $40 million in a few days. However, its value quickly dropped by 99%, now resting at around $481,000. Analysis by Bubblemaps revealed that 82% of the total supply was controlled by a small number of wallets, raising suspicions of a potential rug pull.
$WOLF: Another Scam or Legit Opportunity?
Many believe $WOLF follows a familiar pattern of Davis' meme tokens. It gained traction on X (formerly Twitter) through support from the WallStreetBets account. Bubblemaps found that wallets funding $WOLF were set up long before its launch with funds moved through several addresses to hide their true origin.
A History of Controversy
Davis is tied to several failed meme coins, including $LIBRA, which collapsed after being endorsed by Argentine President Javier Milei. This crash is one of the largest in crypto history. The $WOLF case raises important questions about the future of meme coins, especially in light of the unregulated nature of this part of the crypto ecosystem.
The $WOLF case is yet another example of the challenges and risks associated with meme coin investments. The lack of regulation in this space makes investors vulnerable to potential scams.
