$HAWK Token Plummets 99%; Insider Trading or Crypto Scam?

launch of Haliey WelchX’s $HAWK token has turned into a disaster, with the token’s value plummeting by 99% from its peak of $21 to a current price of $0.0034 per token. This dramatic fall has raised questions about whether WelchX was an insider or a victim of serial crypto scammers.

The Rise and Fall of $HAWK

The $HAWK token, launched on December 4th, initially saw a meteoric rise, reaching a peak market cap of $490 million. However, within hours, the token’s value nosedived, leaving investors in shock and sparking outrage across social media.

Allegations of Insider Trading

Speculation about insider trading has been rampant. Data from blockchain explorers revealed that a significant portion of the token’s supply was controlled by a cluster of related wallets at launch. These wallets, often referred to as “snipers,” rapidly bought up large amounts of the token’s supply, only to sell them off for substantial profits.

.@HalieyWelchX's newly launched $HAWK token dead on arrival, down 99% from a peak of $21 to a current price of $0.0034 per token.

Was she an insider or taken advantage of by serial crypto scammers? pic.twitter.com/mMDvRvAeIj

— Bitcoin.com News (@BTCTN) December 5, 2024

WelchX’s Denial

Haliey WelchX has vehemently denied any involvement in insider trading. In a statement on social media, she asserted that neither she nor her team had sold any tokens and that no key opinion leaders (KOLs) were given free tokens. WelchX also mentioned that they had implemented high fees at the start of the launch to deter snipers.

Copy and pasting:

Hawkanomics:

Team hasn’t sold one token and not 1 KOL was given 1 free token

We tried to stop snipers as best we could through high fee’s in the start of launch on @MeteoraAG

Fee’s have now been dropped pic.twitter.com/E7xN9VmCrx

— Haliey Welch (@HalieyWelchX) December 4, 2024

Victim of Crypto Scammers?

Despite WelchX’s denial, many investors believe she may have been taken advantage of by serial crypto scammers, according to TradingView.com. The rapid rise and fall of the $HAWK token bear the hallmarks of a classic pump-and-dump scheme, where scammers artificially inflate the price of a token before selling off their holdings at a profit.

Legal and Regulatory Concerns

The controversy surrounding the $HAWK token has caught the attention of regulators. Several investors have filed complaints with the Securities and Exchange Commission (SEC), and law firms are now offering their services to those who lost money on the token. The legal ramifications for WelchX and her team could be substantial if any wrongdoing is proven.

The Future of $HAWK

As the dust settles, the future of the $HAWK token remains uncertain. WelchX’s reputation has taken a hit, and the trust of her followers has been shaken. Whether she can recover from this setback and rebuild her brand in the crypto space remains to be seen.

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