Hayden Davis, the alleged figure behind the controversial LIBRA token, is back in the spotlight with his latest venture — the meme coin $WOLF.
The Rise and Fall of $WOLF
$WOLF launched with great excitement, with its market cap surging to $40 million. However, the token value dropped nearly 99%, now hovering around $481,000. Blockchain analysis firm Bubblemaps uncovered that 82% of the token supply was controlled by a small group of wallets, raising concerns of a potential fraudulent scheme.
$WOLF: Another Scam or Legit Opportunity?
The evidence suggests that $WOLF follows a troubling pattern established by Davis with previous memecoins. The WallStreetBets account on X strongly promoted the project, creating investor hype, only for its value to collapse shortly thereafter.
A History of Controversy
Davis is linked to multiple failed meme coins, including $LIBRA, which dramatically collapsed after being endorsed by Argentine President Javier Milei. Davis' involvement in such ventures raises significant concerns regarding investor protection and regulation.
The case of $WOLF raises important questions about the reliability of meme coins in the cryptocurrency ecosystem. Without proper regulation, these assets may become easy targets for scams.
