Buyers Outraged At Hawk Tuah Meme Coin Launch, File Complaints With SEC After 91% Drop

Buyers are livid over Haliey Welch’s Hawk Tuah (HAWK) meme coin launch, submitting SEC complaints after a quick surge adopted by a 91% drop amid insider buying and selling allegations.

“I actually misplaced $43k apeing in hawk tuah coin,” one disgruntled investor stated in a Dec. 5 X publish.

Hawk Tuah Meme Coin Soars To A Peak Market Cap Of $490 Million

The Hawk Tuah meme coin was launched on Dec. 4, 10:00 p.m. UTC. Shortly after its market debut, the token’s market cap soared to a peak of $490 million. 

Nevertheless, not lengthy after reaching its peak valuation, HAWK noticed its market cap plunge 91% to $41.7 million. It has since recovered barely. DexScreener knowledge reveals the meme coin’s market cap stands at round $51.7 million as of 1:59 a.m. EST.

Aggregated knowledge from DexScreener and Bubblemaps reveals that insider wallets and snipers, who’re wallets that purchase up a considerable amount of tokens as quickly as they launch, managed roughly 80-90% of the meme coin’s provide at launch.

Solana block explorer Solscanner additionally reveals that one pockets bought 17.5% of HAWK’s provide simply seconds after it launched utilizing 4,195 Wrapped Solana (WSOL) value $993,000 on the time. Over the course of the following one and a half hours, the identical pockets offered 135.8 million HAWK for a $1.3 million revenue.

Welch Denies Insider Buying and selling Allegations As Observers Warn Of Authorized Backlash

Welch’s official X account responded to the insider allegations in a Dec. 5 publish, saying that the staff didn’t promote any tokens. No KOLs got free cash both and HAWK was launched on the decentralized liquidity protocol Meteora to scale back sniping threat as effectively, in line with the publish.

Copy and pasting:

Hawkanomics:

Staff hasn’t offered one token and never 1 KOL was given 1 free token

We tried to cease snipers as finest we may by means of excessive charge’s within the begin of launch on @MeteoraAG

Payment’s have now been dropped pic.twitter.com/E7xN9VmCrx

— Haliey Welch (@HalieyWelchX) December 4, 2024

Regardless, observers have warned that Welch and her staff may face authorized scrutiny from the SEC. A number of customers have slaredy claimed that they’ve filed complaints with the regulator.

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