Web persona Haliey Welch, herself of meme fame, is dealing with backlash and critical accusations after the implosion of her HAWK memecoin.
In keeping with a report from the BBC, the Discuss 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 by way of hype or misinformation. Then, holders of that coin who purchased the token low cost (or bought it at no cost), 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 offered one token and never 1 KOL (key opinion chief) was given 1 free token
We tried to cease snipers as greatest we might by way of excessive charges within the begin of launch on MeteoraAG
Charges have now been dropped”
Nevertheless, in line with a blockchain investigator and self-described “on-chain demon” who goes by the pseudonym Zeus, Welch’s claims ring untrue.
“The workforce hasn’t offered one token:”
In a conversation with Welch on The Matt Kohrs Present, Coffeezilla informed the Discuss Tuah host straight 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 costs are dropped at Welch and her workforce, she might face critical and extreme authorized scrutiny from the U.S. Securities and Trade Fee (SEC).
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Examine Price Action
Comply with us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Day by day Hodl aren’t funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses it’s possible you’ll incur are your accountability. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please notice that The Day by day Hodl participates in affiliate marketing online.
Featured Picture: Shutterstock/Voger Design/Andy Chipus