Hayden Davis, one of the creators of the controversial LIBRA and MELANIA meme coins, recently unveiled a new meme coin named WOLF. However, like his previous projects, this token also exhibits suspicious patterns of internal transactions. The WOLF token was launched on March 8th and initially reached a market value of $42 million. Nevertheless, blockchain investigations revealed that 82% of its supply was controlled by a specific entity. Consequently, within just two days, this token plummeted over 99%, reducing its market value from the peak of $42 million to $570,000. According to Bubblemaps blockchain platform analysis, 17 addresses associated with a wallet owned by Davis were active in this project. Davis had financed these wallets months before launching WOLF and LIBRA and had transferred funds through 17 addresses in two different chains. Interestingly, WOLF’s downfall occurred only a few weeks after LIBRA’s collapse. In the LIBRA incident, 8 internal wallets cashed out approximately $107 million, causing the token’s market value to plummet from $4 billion to nearly zero in just a few hours. This matter even sparked a political debate in Argentina since Javier Mayli, the country’s president, had supported LIBRA. Following these events, Gregorio Dalbon, an Argentine lawyer, requested Interpol to issue a red alert for Hayden Davis. In this regard, some experts have warned that meme coins are no longer just social projects but are often controlled by specific groups and managed through pump and dump schemes. On the other hand, New York State lawmakers are also striving to combat such scams. Recently, they have introduced a bill defining new crimes for virtual token market abuse and aiming to prevent similar scams. You can track the real-time prices of all digital tokens and cryptocurrencies on the momentary digital currency price page.
