Podcast Star’s $HAWK Token Crashes 95% as Utility Claims Draw Scrutiny

Examining the key controversies and unanswered queries surrounding the crypto startup and its leadership

  • $HAWK memecoin’s market cap dropped from $400 million to under $20 million since launch.
  • Token distribution plan allocates less than 50% of supply to public investors.
  • Project documentation lacks clear explanation of promised utility features.
  • Conflicting statements exist between marketing claims and official terms regarding target users.
  • Questions remain about the project’s corporate structure between Cayman Islands and British Virgin Islands entities.

The latest high-profile memecoin launch has resulted in significant losses for investors as $HAWK, backed by Talk Tuah podcast executive Haliey Welch and developed by overHere, saw its market capitalization plummet from $400 million to below $20 million.

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Distribution and Utility Concerns

Despite overHere’s public denial of token selling by the team, analysis shows concerning aspects of the project’s structure. Bubblemaps data indicates 96% of the token supply exists in a single cluster, while the “Hawkanomics” distribution plan reserves majority control away from public investors.

The project’s documentation and website fail to outline specific utility features, despite marketing claims of “creating real utility for memecoins.”

The only concrete goal mentioned is onboarding “hundreds of thousands of non-crypto users” – which appears to contradict the token’s terms and conditions restricting usage to experienced cryptocurrency traders.

Corporate Structure Questions

Adding to investor concerns, the project’s corporate structure remains unclear. While team communications reference a Cayman Islands foundation, the official terms and conditions mention “Tuah the Moon Inc.” – a British Virgin Islands entity.

Neither Welch’s management team at Penthouse Life nor overHere have responded to requests for clarification.

The controversy has sparked competing memecoin launches targeting the project’s perceived failures, while some supporters argue Welch’s limited cryptocurrency knowledge explains the project’s issues – though this defense conflicts with the token’s stated target audience of experienced traders.

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Both Welch and overHere have maintained silence since their last public discussion, which was subsequently removed from social media platforms, leaving investors with unanswered questions about the project’s future and accountability.

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