The famous Hawk Tuah girl Haliey Welch’s HAWK memecoin has sparked controversy as its price dumps over 90% within hours. One of the key reasons behind HAWK price crashing was a finding of alleged snipers and insiders.
HAWK memecoin was launched at 10 PM UTC on 4 December and it quickly surged over 900% and accumulated a market cap of $490 million. However, the memecoin price crashed nearly 91% in hours after accusations started to spread among investors.
As per DEXScreener data, HAWK was launched at the price of $0.005492 and it pumped to $0.04916 before crashing down.
Onchain data shows that some snipers managed to benefit the most with selling over 135 million HAWK tokens at the right time and profiting over $1.3 million from single trade.
The acquisitions from the community claims that some insider wallets and snipers combined have over 80% of the HAWK token supply. Although Welch denied that non such things have happened nor did they have assigned any tokens to KOLs.
Besides, some users on X have also claimed that the launch of HAWK could put Hailey Welch in legal tension as several investors who lost money in the memecoin are filing complaints with the SEC.
Hailey Welch’s social media posts were also bombarded with comments on her potential involvement with insider wallets. Many of her posts on X were also flagged by community notes citing that 96% of the HAWK supply is held by 10 inter-connected wallets and they have been selling gradually since the launch.
