Solana (SOL)-Based Decentralized Real Estate Trading Platform Token Rises and Falls Following Coinbase Listing
A decentralized real estate trading platform built on smart contract platform Solana (SOL) saw its price rise and dip after gaining support from Coinbase.
Two days ago on the social media platform X, the top US-based crypto exchange platform said it had added Parcl (PARCL), a decentralized exchange (DEX) that lets users trade and invest in real estate using synthetic assets without the need to physically own any property.
Synthetic assets are tokenized, blockchain-based representations of real-world assets, such as securities and real property that can easily be swapped.
News of the addition caused the token to dip in price as it went from a peak of $0.586 on December 17th to a low of $0.408 just two days later. PARCL is trading for $0.418 a time of writing, a 9% decrease during the last 24 hours.
On December 15th, Coinbase added PARCL to its listing roadmap, signaling at the time that it was going to add support soon. At that time, the crypto exchange’s announcement triggered a 50% rally of the altcoin as it was moving for just $0.33 on December 10th.
PARCL aims to provide traders with global city indexes – including major cities such as New York, Miami Beach, San Francisco, Austin, Los Angeles, Chicago, and Dubai – and allow them to acquire tokens that represent a stake in a specific index.
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Investors sue ‘Hawk Tuah’ memecoin creators, promoters over alleged securities law violations
The creators and promoters of the “Hawk Tuah” memecoin, inspired by Haliey Welch, are facing a lawsuit from investors who allege that the token was an unregistered security and caused significant financial losses after a sharp price collapse, Bloomberg Law reported on Dec. 19.
The lawsuit was filed in the US District Court for the Eastern District of New York and alleges that Tuah The Moon Foundation, overHere Ltd, its founder Clinton So, and influencer Alex Larson Schultz are responsible for a 90% decline in the token’s value, which left investors with more than $151,000 in losses.
The HAWK token capitalized on Welch’s internet stardom, which originated from her widely shared “Hawk Tuah Girl” persona. While Welch is not a defendant, she helped promote the memecoin on social media and her podcast, building buzz through pre-sale campaigns and discounted token offerings.
The pre-sale raised $2.8 million, with the token valued at $16.69 million.
When HAWK launched on Dec. 4, its market cap skyrocketed to $491 million within hours before crashing below $100 million shortly after. The plaintiffs allege that the token’s creators exploited Welch’s fame to market the memecoin as a form of investment, equating token ownership with shareholder status.
On-chain data platform Bubblemaps reported that, on launch, the same group of related wallets controlled 96% of HAWK’s supply.
Alleged offshore stunt
According to the complaint, the defendants attempted to structure the Tuah The Moon Foundation as an offshore entity to avoid US securities laws. However, they allegedly made no serious effort to restrict the token’s sale to US investors.
The document stated:
“The project clearly was intended to take advantage of the American market.”
Meanwhile, following the token’s collapse, Welch has stepped away from the public eye, ceasing social media posts and halting her podcast.
The HAWK episode is the latest in a failed celebrity-related memecoin spree this year. Tokens related to Andrew Tate, singer Jason Derulo, and Caitlyn Jenner also resulted in significant losses for their holders, all of which showed heavy supply concentration on a few wallets like the HAWK token.
The post Investors sue ‘Hawk Tuah’ memecoin creators, promoters over alleged securities law violations appeared first on CryptoSlate.
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