Memecoin “HAWK” collapses in value, triggering accusations of a rug pull and concerns about influencer-led crypto ventures.
Sectors & Industries
December 9, 2024
Social media influencer Hailey Welch's cryptocurrency, "HAWK," launched this week, quickly plummeting in value from a $500 million market cap to $28 million. Critics accused Welch’s team of “rug pulling,” but Welch denied selling any tokens, attributing the drop to automated trading bots.
The controversy highlights the volatility and scrutiny surrounding memecoins, particularly as influencers increasingly leverage them to engage fans amidst renewed crypto enthusiasm driven by Bitcoin's rise and pro-crypto sentiments.
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