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Web character Haliey Welch, herself of meme fame, is going through backlash and critical accusations after the implosion of her HAWK memecoin.
Based on a report from the BBC, the Speak Tuah host’s Solana (SOL)-based memecoin HAWK lost more than 95% of its worth inside hours after launch, prompting YouTuber Coffeezilla to accuse Welch of executing a pump-and-dump scheme.
A pump-and-dump scheme artificially inflates a coin’s worth via hype or misinformation. Then, holders of that coin who purchased the token low cost (or acquired it without spending a dime), promote these tokens at a excessive worth, crashing the value.
In a copy-and-pasted assertion on the social media platform X, Welch has denied any allegations of wrongdoing.
“Copy and pasting:
Hawkanomics:
Group hasn’t bought one token and never 1 KOL (key opinion chief) was given 1 free token
We tried to cease snipers as finest we might via excessive charges within the begin of launch on MeteoraAG
Charges have now been dropped”
Nevertheless, based on a blockchain investigator and self-described “on-chain demon” who goes by the pseudonym Zeus, Welch’s claims ring untrue.
“The workforce hasn’t bought one token:”
In a conversation with Welch on The Matt Kohrs Present, Coffeezilla advised the Speak Tuah host immediately that her HAWK launch constituted “the worst tokenomics I’ve ever seen”, accusing Welch and her workforce of collaborating in insider buying and selling, and including his opinion that the launch was, certainly, “a rip-off.”
The authorities haven’t introduced any formal investigations into the state of affairs as of writing. Nevertheless, if any of the alleged prices are dropped at Welch and her workforce, she might face critical and extreme authorized scrutiny from the U.S. Securities and Alternate Fee (SEC).
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Featured Picture: Shutterstock/Voger Design/Andy Chipus
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