$HAWK Token Soars to $1B Market Cap, Plunges Amidst 97% Supply Held by Deployer

Dec 4, 2024, 10:54 PM

The $HAWK token, linked to the 'Hawk Tuah' meme, has rapidly reached a $1 billion market cap on its first day of trading. However, concerns have been raised about its distribution and market manipulation. Reports indicate that 97% of the token's supply was initially held by the deployer's wallet, with the top 10 holders controlling 94.96% of the supply. This concentration has led to accusations of a 'rug pull', where insiders are selling off their holdings, causing the token's value to plummet. Launched on the Solana blockchain, the token saw its market cap skyrocket to $500 million before dropping below $60 million in just 20 minutes. Critics warn investors to avoid the token due to its high concentration of supply and potential for manipulation.