HAWK Price Drops 90% Following Manipulation Allegations
On November 4, 2024, HAWK, a meme coin launched by blogger Haliey Welch (known as Hawk Tuah), debuted on the Solana network. Soon after, its price plunged by 90%, sparking controversy over its manipulative nature.
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On November 4, 2024, a new meme coin, HAWK, was launched on the Solana blockchain. Created by social media influencer Haliey Welch, aka Hawk Tuah (followed by over 400,000 fans) the coin drew significant attention.
According to DexScreener, HAWK’s market capitalization soared to $495 million within just two minutes of its debut. However, the price collapsed shortly thereafter, with the market cap plummeting by 90% (to $35.5 million) at the time of this article.
HAWK’s market capitalization plunged from $495 million to $35.5 million. Source: dexscreener.com
Some X users uncovered that insiders controlled most of the token’s supply through a cluster of wallets.
As per analytics platform Bubblemaps, a cluster of wallets holds 96% of HAWK’s supply. By the time of this writing, that figure had risen to 97.58%.
Responding to the controversy, Haliey Welch stated that her team had not sold any tokens and that no KOLs (key opinion leaders) had received HAWK allocations. She emphasized that the token was launched via the Meteora decentralized liquidity protocol to mitigate bot sniping risks.
Despite these assurances, the community remained unconvinced. Blockchain data from Solscan revealed that within seconds of HAWK’s launch, 17.5% of the token supply was purchased by a private wallet for 4,195 WSOL ($993,000).
Over the next 90 minutes, this wallet sold 195.8 million HAWK tokens, generating $1.3 million in profit.
Another flop for celebrity tokens—it's becoming a familiar story.
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