Crypto influencer Haliey Welch denies market manipulation of the meme coin HAWK

ChainCatcher news, according to The Block, the Solana meme coin HAWK created by influencer Hailey Welch experienced a crash after its launch. HAWK began trading at 4 PM (ET) on Wednesday, with its market cap quickly rising to $400 million, before plummeting over 90% to $37 million.

The project team OverHere stated that the token distribution aligns with the tokenomics design, with a 12-month lock-up period for the founding team and a 3-year linear unlocking period, which accounts for only 10% of the total supply.

Welch stated on social media that the team has not sold any HAWK tokens and has not given any free tokens to any KOLs. The high transaction fee mechanism was implemented to prevent sniper bots, and the fee rate has now been reduced.