Crypto influencer Haliey Welch denies market manipulation of meme coin HAWK

According to DexScreener data, Solana meme coin HAWK, created by influencer Hailey Welch, was traded for the first time at 4 p.m. (ET) on Wednesday, and its market value quickly climbed to $400 million before plummeting more than 90% to $37 million. Some users on social media platforms accused the launch of the token of being rife with market manipulation. However, the project owner OverHere said that the token distribution was in line with the token economics design, with a 12-month lockup period for the founding team, a 3-year linear unlocking period and only 10% of the total supply. Welch said on social media that the team had not sold any HAWK tokens or given free tokens to any KOL. The high fee mechanism was adopted to prevent sniping robots, and the fee rate has been reduced. (TheBlock)