TechFlow News, December 5 — According to The Block, the Solana-based meme coin HAWK, created around YouTube influencer Hailey Welch, plunged sharply after launch. Data from DexScreener shows that HAWK began trading Wednesday afternoon at 4 p.m. ET, quickly surging to a $400 million market cap before dropping over 90% to $37 million. Blockchain data platform Bubblemaps indicates insiders once controlled 96% of the token supply and still hold 79%.
Project team OverHere stated that the token distribution aligns with its tokenomics design, with the founding team's tokens locked for 12 months and linearly unlocked over three years, accounting for only 10% of total supply. Welch said on social media that the team has not sold any HAWK tokens nor distributed free tokens to any KOLs. The high transaction fee mechanism was implemented to prevent sniper bots, and the rate has since been reduced.
