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How many active Hawk Tuah Coin wallets will there be by June 30, 2025?
2
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Story
Hawk Tuah Coin Plunges 90% as Deployer Holds 97% Supply; Investors Lose Millions
Dec 5, 2024, 05:20 AM
Hawk Tuah, a meme coin inspired by viral internet personality Haliey Welch, launched on the Solana blockchain with a fully diluted valuation exceeding $250 million. Concerns quickly arose when analyses showed that the deployer wallet held 97% of the HAWK token supply, and the top ten wallets controlled 94.96% of the tokens. Early investors reportedly sold $3.3 million worth of tokens, leading to a sharp decline in the coin's value—dropping by 90% since the announcement. One investor allegedly lost $1.4 million in minutes. The concentration of tokens among insiders and the massive sell-offs raised suspicions of market manipulation and a potential rug pull. Haliey Welch addressed the controversy, stating that the team had not sold any tokens and explaining the tokenomics. However, the crypto community remained critical, cautioning against investing in celebrity-endorsed tokens without transparent tokenomics and fair distribution.
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