Hawk Tuah Memecoin Crashes Amid Allegations and Backlash

Influencer Haliey Welch launched the Hawk Tuah memecoin on the Solana blockchain, claiming it wasn't a cash grab. However, within 24 hours, the coin faced accusations of being a scam, with social media users filing complaints and a law firm gathering clients. The coin's market cap peaked at $490 million before plummeting to $29.1 million, a 94% decline. Critics noted that a significant portion of the token's supply was controlled by insiders and snipers, despite Welch's team claiming they tried to prevent such actions.