Hayden Davis is in the spotlight once again due to his new memecoin $WOLF, which quickly lost nearly all its value after a promising start.
The Rise and Fall of $WOLF
The launch of $WOLF was successful thanks to the support of the WallStreetBets community, and the token's market cap surged to $40 million within days. However, its value soon fell by 99%, and its market cap now hovers around $481,000. Blockchain analysis firm Bubblemaps revealed that 82% of the tokens are held by a few wallets, raising suspicions of a rug pull scheme.
$WOLF: Scam or Investment Opportunity?
The theory that $WOLF is yet another scam is gaining traction. Despite significant attention on X (formerly Twitter), the token quickly lost value, much like Davis' other ventures. Bubblemaps, with the help of journalist Coffeezilla, determined that all leads point to a single wallet, OxcEAe, associated with Hayden Davis.
A History of Controversy
Davis is linked to the failures of many memecoins, including $LIBRA, which crashed following hype driven by endorsement from Argentine President Javier Milei. Such collapses left thousands with nothing, while Davis purportedly withdrew nearly $100 million.
The case of $WOLF raises ongoing concerns about the reliability of memecoins and the risks they pose to investors. The unsecured nature of these assets and the lack of regulation make them highly vulnerable to fraudulent schemes.
