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The crypto market is buzzing with activity as Bitcoin achieves a historic milestone, Xion launches its innovative mainnet, and Moo Deng takes a breather after a strong rally. Oh yeah, and there is that 'Hawk Tuah Girl' Token Scandal. 
The dynamic nature of digital assets is captured in today's updates, which cover record-breaking surges, groundbreaking blockchain launches, meme coin drama, and more. The most important news stories of the day and their impact on the market are examined here. 
<h2 id="hawk-hawk-weth">HAWK (HAWK/WETH)</h2> 
<img src="https://yellow-media-production.up.railway.app/uploads/HAWK_05_12_3bec82ca40.png" alt="HAWK 05.12.png"> 
Price Change (24H): +49110.21% Current Price: $0.00452 
What happened today: HAWK, a newly launched <a href="https://yellow.com/news/hawk-tuah-girl-crypto-launch-faces-insider-trading-allegations-from-coffeezilla">meme coin dedicated to the famous 'Hawk Tuah Girl'</a>, has gained attention due to its massive price volatility and suspicious trading activity. 
The token, listed on Uniswap v2, saw a meteoric rise of over 49,000% in price within a short time, driven by speculative interest and manipulation. However, leaked Telegram screenshots indicate the token's creators may have orchestrated a pump-and-dump scheme by owning 97% of the supply at launch and artificially inflating the price through misleading tactics. This has raised significant concerns about its legitimacy. 
Market Cap: $4.52M 24-Hour Trading Volume: $28.29M 
While the token has gained traction with over 1,334 holders, its high risk and alleged manipulation suggest caution. The cryptocurrency community is actively calling out the scheme to warn potential investors. 
<h2 id="tuah-tuah-sol">TUAH (TUAH/SOL)</h2> 
<img src="https://yellow-media-production.up.railway.app/uploads/Straight_Tuah_Prison_05_12_464c0497a9.png" alt="Straight Tuah Prison 05.12.png"> Price Change (24H): +11,462% Current Price: $0.00985 
What happened today: Following the explosive and controversial rise of $HAWK, $TUAH launched as a direct counter-coin amidst the chaos. The cryptocurrency community, spearheaded by prominent whistleblower Coffeezilla, has heavily criticized $HAWK for its disastrous tokenomics and manipulation schemes, resulting in widespread backlash. 
$HAWK faced scrutiny due to a presale where 17% of the supply was unlocked, allowing insiders to sell their tokens, creating a pump-and-dump scenario. In response, the satirical launch of $TUAH, dubbed the "Straight Tuah Jail" coin, mocks the $HAWK debacle and calls for accountability. 
Prominent figures have publicly denounced $HAWK, with <a href="https://x.com/coffeebreak_YT/status/1864552630124515398">Coffeezilla</a> labeling it "the worst tokenomics of all time" and "a blatant scam." The controversy has sparked a "clown show," drawing significant attention to the token's unethical practices and prompting discussions about regulatory intervention. 
Market Cap: $9.7M 24-Hour Trading Volume: $55.4M 
Both coins have been trending, but the underlying manipulation and scandals surrounding $HAWK and $TUAH highlight the critical need for investor caution and due diligence in the volatile crypto market. 
<h2 id="bitcoin-btc">Bitcoin (BTC)</h2> 
<img src="https://yellow-media-production.up.railway.app/uploads/BTC_05_12_634a0ba771.png" alt="BTC 05.12.png"> 
Price Change (24H): +6.96% Current Price: $101,338.64 
What happened today: Bitcoin made history today by crossing the $100,000 milestone, briefly touching $104,000, marking a 126% rise since January’s price of $44,000. This surge is fueled by institutional adoption, ETF inflows, and optimism following Donald Trump’s reelection. The rally has pushed Bitcoin's market cap above $2 trillion, solidifying its status as a leading global asset. 
<a href="https://coinmarketcap.com/academy/article/bitcoin-hits-dollar100000-driven-by-etfs-corporate-adoption-and-trumps-victory">Institutional interest</a> remains a critical driver, with MicroStrategy acquiring an additional 15,400 BTC for $1.5 billion, bringing its holdings to 402,100 BTC. Similarly, companies like Acurx Pharmaceuticals have added Bitcoin to their treasury strategies, citing its inflation-resistant properties. The approval of spot Bitcoin ETFs in the U.S., led by BlackRock's iShares Bitcoin Trust, contributed $6.1 billion in inflows during November alone, making the asset more accessible to institutional investors. 
April’s halving event tightened supply, reducing mining rewards and amplifying demand. Political developments also played a role, as Trump’s pro-crypto stance and his proposal for a national Bitcoin reserve have heightened market optimism. These factors collectively underscore Bitcoin's evolution from a niche digital currency into a major player in global finance, with this milestone marking a new era for the cryptocurrency. 
Market Cap: $2.01T 24-Hour Trading Volume: $138.61B 
<h2 id="xion-xion">Xion (XION)</h2> 
<img src="https://yellow-media-production.up.railway.app/uploads/XION_05_12_bd4f78daf3.png" alt="XION 05.12.png"> 
Price Change (24H): -8.31% Current Price: $6.43 
What happened today: Xion, a Circle-backed Layer 1 blockchain, launched its mainnet with a gamified “Double or Nothing” airdrop mechanism, drawing significant attention. This unique feature allows participants to spin a wheel to double or potentially lose their initial token airdrop rewards, adding an innovative edge to its distribution. The blockchain leverages the Comet BFT consensus framework and Cosmos SDK to create a seamless, wallet-free experience for users, removing traditional barriers like seed phrases and private keys. 
Xion’s focus on mainstream adoption is evident through its integration of USDC as the primary transactional currency, simplifying interactions across payments, web subscriptions, and loyalty programs. Notable early success includes EarnOS, a consumer app on Xion’s network, which attracted 100,000 users from 159 countries in just 72 hours. Brands like Uber, Lacoste, and Baskin Robbins have utilized Xion's ecosystem for marketing campaigns, achieving impressive engagement rates. 
Backed by <a href="https://coinmarketcap.com/community/articles/6751879f58beae08a5a537b7/">$36 million</a> in funding from Circle Ventures, Animoca Brands, and Multicoin, Xion’s launch marks a significant step toward reducing crypto’s complexity while emphasizing innovation and usability. With support from over 75 partners and plans for further ecosystem expansion, Xion aims to redefine blockchain adoption. 
Market Cap: $161.21M 24-Hour Trading Volume: $95M 
<h2 id="moo-deng-moodeng">Moo Deng (MOODENG)</h2> 
<img src="https://yellow-media-production.up.railway.app/uploads/MOODENG_05_12_68af223f5a.png" alt="MOODENG 05.12.png"> 
Price Change (24H): -13.09% Current Price: $0.4684 
What happened today: After its strong performance yesterday following Coinbase’s listing announcement, Moo Deng (MOODENG) is now experiencing a significant dip, with its price dropping 13.09% in the past 24 hours. The token, a Solana-based meme coin, reached $0.5562 yesterday but has since declined as trading volumes fell to $397.71 million, marking a 6.2% decrease from previous levels. This decline is partly attributed to investors shifting funds to speculative tokens like Hawk Tuah, many of whom suffered losses due to the dubious nature of the latter. 
Despite today’s dip, Moo Deng continues to trend due to its strong community-driven popularity and recent Coinbase listing. The token's current market cap of $463.71 million highlights its resilience and the potential for a rebound. With its circulating supply fully available and ongoing interest in its ecosystem, many view this dip as a buying opportunity, especially given Moo Deng’s history of sharp price recoveries. Investors are eyeing a potential rally back toward its all-time high of $0.68, spurred by renewed market momentum. 
Market Cap: $463.71M 24-Hour Trading Volume: $397.71M 
<h2 id="closing-thoughts">Closing Thoughts</h2> 
Everything that happened today exemplifies how the cryptocurrency market is always changing due to speculation and new developments. 
Moo Deng's decline highlights the unpredictability of the meme coin market, Xion's launch indicates the future of blockchain usability, and Bitcoin's $100,000 milestone solidifies its position as a foundation of global finance. Since retail investors lost money in real time due to the entire $HAWK scandal, it can be discouraging for them. 
The confidence of retail investors may be temporarily diminished as a result of this. However, the way this develops is something we must await. No matter your level of expertise or level of curiosity, these developments highlight the significance of keeping up-to-date in this dynamic industry. More surprises are on the way as the crypto world keeps evolving in the days to come.

Daily Crypto Market Highlights: Bitcoin Finally Hits $100K, Xion Launches, and Moo Deng Dips

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