Hayden Davis, the figure behind the controversial LIBRA token, is in the spotlight again with the meme coin $WOLF, stirring discussions in the crypto community.
The Rise and Fall of $WOLF
The launch of the $WOLF token kicked off with excitement due to WallStreetBets' support, reaching a market cap of $40 million in days. However, like Davis' past ventures, its value plummeted by 99%. Currently, its market cap is around $481,000. Analysis by Bubblemaps revealed 82% of the supply controlled by a small group of addresses, raising concerns of a possible fraud. Traces led back to Davis' wallet address OxcEAe.
$WOLF: Another Scam or Legit Opportunity?
Several pieces of evidence suggest a continuing pattern of Davis' dubious meme coin ventures. Heavily promoted on X, it garnered interest only for its value to drop significantly. Investigation showed the funding wallets for $WOLF were set up in advance, indicating potential manipulation.
A History of Controversy
Davis has been linked to failed meme coins like $LIBRA, which crashed post-endorsement by Javier Milei. After its launch, the market cap soared over $1 billion then drastically fell. Davis allegedly cashed out $100 million before the crash, leaving investors at a loss. His involvement in questionable projects raises many questions about the future of meme coins.
The $WOLF case highlights risks associated with meme coins and the need for regulation in this area. Investors should be cautious as lack of oversight allows space for fraud.
