Internet personality Haliey Welch, known as the "Hawk Tuah Girl," launched a meme coin named $HAWK on the Solana blockchain. The token's value skyrocketed to a market cap of nearly $500 million before plummeting to $25 million, leading to accusations of a pump-and-dump scheme and insider trading. Investors have filed lawsuits alleging unlawful promotion and sale of unregistered securities.
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Cathie Wood, CEO of Ark Invest, cautions that investors in meme coins may face significant losses. While supportive of Bitcoin, she emphasizes a "buyer beware" approach to meme coins, predicting many will not hold long-term value.Â
