Hayden Davis, the controversial creator of the LIBRA meme coin, has been linked to a new token called WOLF , which shares similarities with his past projects. Blockchain analysis from Bubblemaps revealed that 82% of WOLF’s supply was controlled by a small group of wallets, fueling suspicions of insider manipulation. This development comes as Argentine authorities continue investigating Davis for his involvement in the LIBRA scandal. Davis launched WOLF around the time that Jordan Belfort, the real-life "Wolf of Wall Street," was rumored to be introducing a meme coin under the same name. The sudden buzz around WOLF drew attention from traders, particularly the WallStreetBets (WSB) community, sending its market cap surging to $40 million. However, just like previous Davis-related tokens, WOLF’s price plummeted soon after, with analysts suspecting a rug pull. Blockchain data indicated that the token’s supply was funneled through a web of addresses before leading back to a wallet linked to Davis. Blockchain analytics firm Bubblemaps tracked the movement of WOLF’s funds and found that they had been transferred across 17 wallets and five different blockchains before arriving at a single address identified as belonging to Davis. The similarities between WOLF and his past projects, including MELANIA and LIBRA, further reinforced suspicions of a pattern of coordinated token launches followed by price crashes. Davis has a history of controversial meme coin projects. LIBRA, one of his previous tokens, became a political scandal when Argentine President Javier Milei briefly endorsed it. This endorsement sent the token’s value skyrocketing past $4 billion before it collapsed, wiping out nearly all of its value. Blockchain analysts discovered that key insiders, who had acquired large amounts of LIBRA before Milei’s endorsement, quickly sold their holdings for over $100 million, leaving retail investors at a loss. Davis later admitted to playing a role in the LIBRA project and also confessed to launching a meme coin associated with former US First Lady Melania Trump. His involvement in multiple meme coin controversies has drawn legal attention, particularly from Argentine authorities who have launched an official investigation into the LIBRA case. The fallout from LIBRA has also led Argentine lawyer Gregorio Dalbon to call for an Interpol Red Notice against Davis, which could result in his arrest and possible extradition. Critics argue that Davis' continued involvement in the crypto space raises concerns about the lack of oversight in meme coin projects. The rapid creation of tokens, often associated with high-profile names, has become a strategy to generate market hype before an eventual collapse. These tactics have repeatedly left investors holding worthless tokens while a select few profit significantly. The growing scrutiny around Davis’ actions reflects broader concerns about the risks associated with meme coins and the need for regulatory oversight. Many traders remain drawn to the speculative nature of these projects, but the repeated pattern of sudden crashes has raised red flags within the cryptocurrency community. As legal pressure mounts, it remains unclear whether Davis will face consequences for his role in these projects. While some argue that buyers should conduct thorough research before investing in highly speculative tokens, others believe that stricter regulations are needed to prevent high-profile manipulations like the ones Davis has been accused of orchestrating. The case of WOLF serves as another example of the volatility and unpredictability of the meme coin market. While meme coins continue to attract traders looking for quick profits, the risks associated with unverified projects remain high. With authorities increasingly scrutinizing such schemes, the future of unchecked meme coin launches may be in question.
