'Hawk Tuah' Memecoin Plummets Amid Controversy

Solana's latest much-hyped memecoin had a disastrous launch.

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$HAWK, a Solana-based memecoin inspired by Hailey Welch's viral "Hawk Tuah" quote, experienced a sharp drop of over 90% in market capitalization shortly after its launch. Allegations of market manipulation have surfaced, prompting denials from Welch and her team.

What's the Scoop?

  • Another Memecoin Rugpull? HAWK's market cap surged to $400M at launch before plummeting to $37M. Bubblemaps data revealed insiders held 96% of tokens at launch, now reduced to 79%.
  • Denials: Welch denies token sales by the "team," emphasizing locked tokenomics.

Bankless Take

Hawk's sharp decline highlights the dangers of memecoin speculation fueled by viral moments. The clustering of 96% of tokens among insiders at launch is a glaring red flag for decentralization and market fairness, even if locks had indeed been in place on any these holdings. Welch's denial will have to be proven out, but the numbers certainly appear to speak for themselves and offer yet another signal of the toxic pvp dynamics that plague all memecoins. This incident reinforces the importance of scrutinizing token distribution and launch mechanics.


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Kazu Umemoto

Written by Kazu Umemoto

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Kazu Umemoto is an analyst and has been with Bankless since October 2024. Previously worked at an accounting firm doing tech auditing. He graduated from the University of Oregon with a degree in finance and a minor in computer science.

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