Hayden Davis, the alleged creator behind the controversial LIBRA token, is once again in the spotlight. This time, the crypto community is talking about his new venture, the meme coin $WOLF.
The Rise and Fall of $WOLF
$WOLF launched with a lot of excitement, heavily promoted by the WallStreetBets community. The token's market cap surged to $40 million within days but then plummeted by 99%. Currently, its market cap is around $481,000. Blockchain analysis firm Bubblemaps revealed that 82% of the total supply is controlled by a small group of wallets, raising concerns about a potential rug pull. Tracing the token's origin, Bubblemaps and investigative journalist Coffeezilla link it to Hayden Davis via the address OxcEAe.
$WOLF: Another Scam or Legit Opportunity?
Evidence suggests $WOLF follows a familiar pattern seen in Davis's previous meme coins. The token was heavily promoted on X, with the WallStreetBets account supporting it. The advance preparation of wallets suggests deliberate manipulation.
A History of Controversy
Davis has a history of failed projects, such as $LIBRA, which crashed after being endorsed by Argentine President Javier Milei. Davis allegedly cashed out nearly $100 million before the crash, leaving thousands of investors with losses. His dubious activities raise questions about the future of meme coins.
The $WOLF scandal highlights the need for regulation in the meme coin sector. Examples like $LIBRA and $WOLF show the vulnerability of investors to potential scams.
