A meme coin launched by viral influencerHaliey Welchof the "Hawk Tuah" fame became a subject of controversy on Wednesday after it pumped and dumped, eroding millions of dollars in market value in quick time.
What happened: HAWK, launched onSolana(CRYPTO: SOL)-basedMeteoraonWednesday, swiftly gained a market valuation of almost $425 million before plummeting to $30 million within five hours, according to Dexscreener data.
As of this writing, the meme coin was valued slightly higher at $48 million, but still 90% down from the initial frenzy.
The sudden downfall sparked outrage in the cryptocurrency community.
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