Hayden Davis, known for the LIBRA token, is back in the spotlight with the meme coin $WOLF. We examine the developments surrounding this cryptocurrency.
The Rise and Fall of $WOLF
The launch of $WOLF sparked excitement, bolstered by the WallStreetBets community. The token's market cap soared to $40 million but soon plummeted by nearly 99%. Blockchain analysis by Bubblemaps revealed that 82% of the token's supply was controlled by a small group of wallets, suggesting a potential rug pull. Investigative journalist Coffeezilla and Bubblemaps traced the token's funding back to Davis' wallet OxcEAe.
A Scam or Legit Opportunity?
Evidence suggests $WOLF may follow a scam pattern set by Davis with prior memecoins. Heavily promoted on X, the wallets funding $WOLF were established months in advance. This indicates possible manipulation from the outset.
A History of Controversy
Davis is linked to multiple failed memecoins, including $LIBRA, which collapsed after being endorsed by the Argentine President. This incident is noted as one of crypto's largest rug pulls. His ventures, from Kelsier Ventures to crypto scams, raise concerns about memecoins' reliability.
The case of $WOLF raises questions about the future of memecoins amidst their regulation and oversight challenges, making them prone to fraudulent schemes.
