Hailey Welch's HAWK Memecoin under scanner? Accusations of market manipulation arise after sudden drop in market cap
Are crypto investors at a loss because of Hailey Welch, the Hawk Tuah girl?
According to a TOI report, there are now accusations against insiders controlling a chunk of the token supply, with claims that the market of this meme coin has been severely manipulated, that led to such a major volatility of its market cap. The crash has embedded fear in the minds of crypto investors, and led to widespread panic among those who were thinking of investing into this meme coin.
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Insiders responsible for HAWK meme coin's losses?
According to Bubblemaps, a blockchain data platform, nearly 96% of the token supply was in the hands of insiders at HAWK meme coin, which may have been the primary reason that such a major loss in market cap occurred. Although the insider holding has now reduced to only 79%, as per Bubblemaps, the earlier statistics was enough to generate shockwaves among the crypto community, who are now blaming the founders of the meme coin, and those inside the supply chain, for this critical loss in revenue among investors.
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