Hayden Davis, the alleged figure behind the controversial LIBRA token, is once again in the spotlight as the crypto community discusses his latest venture, the meme coin $WOLF.
The Rise and Fall of $WOLF
The launch of $WOLF began with excitement, with its market cap reaching $40 million thanks to the support of the WallStreetBets community. However, the excitement quickly evaporated as the token's value plummeted by 99%, leaving its market cap at around $481,000. Blockchain analysis firm Bubblemaps uncovered that 82% of the token's total supply is controlled by a small group of wallets, raising concerns about a possible rug pull scheme.
Another Scam or Legit Opportunity?
Evidence is mounting that $WOLF follows a troubling pattern seen in Davis' past memecoin projects. The token was heavily promoted on X (formerly Twitter) via the WallStreetBets account. Bubblemaps' investigation found that the wallets funding $WOLF were established well in advance, and funds were funneled through multiple addresses to obscure their true origin.
Davis' Controversial History
Davis is linked to multiple failed meme coins, including $LIBRA, whose crash is considered one of the largest crypto rug pulls in history. After being endorsed by Argentine President Javier Milei, $LIBRA's market cap soared above $1 billion before crashing. Davis reportedly cashed out $100 million before the token's downfall. His controversial ventures spotlight the darker side of memecoins, leaving many investors disappointed.
The case of $WOLF raises important questions about the future of memecoins in the cryptocurrency ecosystem. Despite the success of tokens such as Dogecoin, the lack of regulation and oversight makes this sector ripe for scams.
