Both VOID and HAWK are facing scrutiny over insider trading allegations. Meanwhile, Binance.US listed the popular meme coin PEPE. This could be attributed to the growing acceptance of meme coins, which now has a collective market cap exceeding $140 billion. On a philanthropic note, the DOGS meme coin launched a charity portal, and pledged impressive donations to nonprofits and animal welfare.
New Solana Meme Coin Raises Eyebrows
Michael Bouhanna, a vice president at Sotheby’s auction house, again made waves in the crypto world with the launch of a second Solana-based meme coin. On Dec. 4, Bouhanna teased the release of his latest art-themed meme coin, Nothing (VOID), on his social media account.
Shortly after, a wallet associated with him minted the VOID token. The launch led to a very lucrative trading event where one trader purchased 462 million VOID tokens for close to $8,200 worth of Solana (SOL) and sold 439 million of them just 30 minutes later for over $1 million.
This isn’t Bouhanna’s first venture into the meme coin space. Earlier, he created another token called Comedian (BAN), that is inspired by the viral $6-million banana artwork that was famously purchased by Tron founder Justin Sun. However, the BAN token’s launch became controversial after allegations of insider trading emerged.
Blockchain analytics firm Lookonchain accused Bouhanna of making $1 million in profits through insider wallets associated with the BAN token. According to the firm, Bouhanna previouslyinvested in other meme coins with limited success, suggesting that the launch of BAN was motivated by a desire to profit from the hype.
Bouhanna denied the allegations, and argued that the wallet in question does not belong to him and that the reported profits were largely unrealized. He described the creation of BAN as a personal hobby with no connection to his role at Sotheby’s. Bouhanna also clarified that he initially intended to launch the token anonymously to avoid any association with his professional profile. However, the community quickly linked the project to him, and created a narrative that BAN was affiliated with Sotheby’s. Bouhanna then claimed this narrative was used to promote the token without his consent.
The community’s reaction to Bouhanna’s involvement in meme coins has been mixed. While some applauded his creativity, others criticized his actions and questioned the ethics of launching such tokens. Some users tagged Sotheby’s, and asked whether the auction house condoned these kinds of activities by its executives.
Hawk Tuah Meme Coin Sparks Outrage
Another meme coin also recently faced some controversy. The launch of Haliey Welch’s Hawk Tuah (HAWK) meme coin ignited widespread outrage across social media after a dramatic pump-and-dump scenario that unfolded shortly after its release. The crypto was launched at 10:00 pm UTC on Dec. 4, and the token quickly reached a peak market cap of $490 million before crashing by 91% in just three hours.
On-chain analysis from Bubblemaps and Dexscreener revealed that between 80% and 90% of the HAWK token supply at launch was controlled by a combination of insider wallets and snipers. These entities very quickly bought large portions of the token’s supply during its early trading moments. Solana block explorer Solscanner pointed out a specific wallet that sniped 17.5% of the token’s supply for 4,195 Wrapped Solana (WSOL), valued at $993,000 at the time. Over the next 90 minutes, the wallet sold 135.8 million HAWK tokens, netting a profit of $1.3 million.
In a Dec. 5 X post, Welch denied allegations of insider activity or any distribution of free tokens to influencers. She stated that the team did not sell any tokens and took measures to try and reduce sniper risks by launching on the decentralized liquidity protocol Meteora, which included high fees at the start of the launch. Despite these claims, the big price decline and the dominance of snipers and insiders in the token’s early supply fueled skepticism.
The fallout from the HAWK token’s price crash has been quite severe, and several users reported major losses. One user on X shared that they lost $43,000 after investing in the token, while another reportedly swapped $1.4 million worth of MOODENG into HAWK and lost $1.3 million in the process.
Some people suggest that Welch and her team may face legal repercussions as a result of the controversial token launch. Multiple users on X even claimed to file complaints with the SEC, and law firms started soliciting the affected investors. Burwick Law invited those who lost money on HAWK to contact them to explore their legal rights.
Binance.US Lists PEPE
On the other hand, things are going much better for other meme coins. Binance.US recently announced the listing of the popular meme coin Pepe (PEPE). The listing allows users to trade it against Tether (USDT) starting Dec. 5. Data from CoinMarketCap indicated that PEPE has a market cap of over $9 billion.
PEPE’s all-time price action (Source: CoinMarketCap)
The listing is part of a broader trend among crypto exchanges which are increasing their offerings of meme coins. This movement gained a lot of momentum after the election of crypto-friendly President-elect Donald Trump. Coinbase, for example, recently listed meme coins like Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF), while Binance.US added Bonk (BONK) to its roster in November. Meme coins collectively boast a market cap of more than $140 billion.
The rise of meme coins sparked mixed reactions from the crypto community. Supporters like Murad Mahmudov argue that meme coins provide a legitimate use case for cryptocurrencies by reducing speculation premiums on altcoins. Critics, including Jimmy Song, view meme coins as overly speculative and detrimental to investors.
Pepe is a cartoon frog that was created by artist Matt Furie in 2005. Since then, it has become a cultural phenomenon and a key symbol in the crypto space. Its popularity extends beyond just PEPE to other meme coins inspired by Furie’s work, like Brett (BRETT), Andy (ANDY), and Landwolf (WOLF).
DOGS Launches Charity Portal
The DOGS meme coin announced plans to donate more than 6 billion tokens, which are valued at almost $4.5 million, to nonprofit organizations worldwide. This announcement was made after the launch of a charity portal in late November that allowed registered nonprofits to apply for funding. DOGS plans to redirect unclaimed airdrop tokens to support charitable causes.
As part of its charitable efforts, DOGS partnered with Best Friends Animal Society, and committed $150,000 to help care for homeless animals in the United States. This collaboration fits in perfectly with DOGS’ mission to support shelters in achieving a 90% no-kill rate by 2025.
DOGS founder Andrew refered to the partnership as a call to action for the crypto community. Through this initiative, DOGS will fund one month of care for adopted dogs, with its mascot, Spotty, serving as an ambassador in events and promotional campaigns.
The DOGS token was inspired by Telegram co-founder Pavel Durov’s iconic dog drawing. It symbolizes Digital Resistance and reflects TON’s rebranding after Durov’s arrest in France earlier this year. The dog symbol dates back to 2011 when Durov resisted demands to censor liberal and dissident voices in Russia.
DOGS launched an airdrop in September, and quickly reached 17 million users. One of the main goals of the airdrop was to increase crypto awareness on Telegram and promote animal welfare by using the DOGS Mini App, which has over 53 million users. Despite its initial success, DOGS has faced a 50+% decline in value.
DOGS all-time price action (Source: CoinMarketCap)
