Hayden Davis, the figure behind the controversial LIBRA token, is once again in the crypto community's spotlight. This time, his latest venture, the $WOLF memecoin, is under scrutiny.
The Rise and Fall of $WOLF
The launch of $WOLF began with a surge of excitement. Promoted by the WallStreetBets community, the token's market cap reached $40 million within days. However, its value plunged by 99%, now standing at around $481,000. Bubblemaps revealed that 82% of the token's total supply is controlled by a small group of wallets, raising concerns about a potential rug pull. Investigative journalist Coffeezilla traced the token back to Davis through 17 addresses and five cross-chain transfers, leading to the address OxcEAe, linked to Davis.
$WOLF: Another Scam or Legit Opportunity?
Evidence suggests $WOLF is following a familiar, troubling pattern. The WallStreetBets account on X (formerly Twitter) heavily promoted the token, creating an illusion of it being the next big thing, yet its value collapsed shortly thereafter. Investigations uncovered that wallets funding $WOLF were set up months in advance, with funds funneled through multiple addresses to disguise their real origin.
A History of Controversy
Davis is linked to several failed meme coins, including $LIBRA, which crashed after being endorsed by Argentine President Javier Milei. It is considered one of the biggest rug pulls in recent crypto history. His past ventures, including involvement with Kelsier Ventures in Dubai, show a pattern of questionable behavior.
The $WOLF case raises important questions about the future of meme coins in the cryptocurrency ecosystem. While coins like Dogecoin and Shiba Inu have thrived, the darker side, as seen with $LIBRA and $WOLF, cannot be ignored.
