Hayden Davis, known for the LIBRA project, is once again in the spotlight with the meme coin $WOLF. The crypto community is buzzing about this latest project, which has sparked yet another controversy.
The Rise and Fall of $WOLF
The $WOLF launch started with a wave of excitement, with the token's market cap reaching $40 million in mere days, driven by WallStreetBets promotion. However, it soon plummeted by 99%, with a current market cap around $481,000. Analysts at Bubblemaps found that 82% of the tokens were controlled by a small group of wallets, raising concerns of a potential scam.
$WOLF: Scam or Legit Opportunity?
There is sentiment that $WOLF repeats a pattern seen in Davis' previous projects like $LIBRA. The token was heavily promoted on X (formerly Twitter), but its value collapsed, similar to past projects. Bubblemaps revealed that the funding for $WOLF was meticulously planned.
A History of Controversy
Davis is linked to numerous failed meme coins, including $LIBRA, endorsed by Argentine President Javier Milei. After $LIBRA's collapse, Davis allegedly cashed out $100 million, leaving thousands of investors at a loss.
The case of $WOLF raises questions about the future of meme coins. While there have been successes like Dogecoin and Shiba Inu, increasing scams make these assets high-risk.
