Token - The Hawk Tuah (HAWK) meme, created by Haley Welch, who was nicknamed the Queen of Memes, has ruined many cryptocurrency traders.
On December 4, Welch announced the release of The Hawk Tuah, and within minutes the coin's price took off almost nine times. However, the value of the digital asset also plummeted by more than 93%, causing the level of capitalization of the virtual currency to fall from $490 million to $41,7 million.
The Rise and Fall of The Hawk Tuah
Employees of the research company Bubblemaps Found out , that the owners of 285 crypto wallets, which held 96% of the HAWK tokens sold during the presale, got rid of the coins after their value increased, as a result of which they managed to make a profit of $3,3 million.
Welch denied the accusations of insider trading in the Hawk Tuah cryptocurrency. According to her, 10% of the issued coins belonging to the development team are locked for a year, so they could not sell the tokens. However, this excuse does not prove anything, because no one prevented the authors of the cryptocurrency from creating crypto wallets, participating in the pre-sale of coins and selling them at a high rate in order to hit the jackpot.
