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Hawk Tuah Girl's $HAWK Memecoin Plunges 90% on Solana After $1B Surge; Investors Allege 'Rug Pull'

Dec 5, 2024, 08:46 AM

Hailey Welch, widely known as the "Hawk Tuah girl" from a viral internet meme, launched a memecoin called $HAWK on the Solana blockchain. The token quickly surged to a market capitalization of up to $1 billion on its first day but then dropped by over 90% to below $60 million within minutes. Some investors have alleged that the project was a "rug pull," pointing out that top wallets held up to 97% of the supply and that there was a 15% fee on trades. Reports suggest that some investors experienced significant losses, with one individual claiming his $35,000 investment dwindled to $2,000 in ten minutes. Critics have raised concerns about the transparency of the tokenomics and the concentration of supply, with claims that 85% was held by insiders. Legal actions are reportedly being considered, including possible SEC complaints against Welch, who is said to have earned over $3 million from the launch. Welch has denied any wrongdoing.