Influencer Haliey Welch, famously dubbed the “Hawk Tuah” girl after her viral video appearance, ventured into cryptocurrency with her meme coin, Hawk Tuah (HAWK). Launched on the Solana blockchain on Wednesday (4), Welch pitched HAWK as more than a cash grab, aiming to tokenize her fanbase. Despite initial buzz, the coin’s market value plummeted by 94 per cent within 24 hours of its debut.
Memecoins like HAWK draw inspiration from trends, memes, and pop culture, similar to Dogecoin and Pepecoin. Welch’s manager, Jonnie Forster, emphasized that their goal was to avoid breaking securities laws. However, the token’s launch attracted criticism, with social media users filing complaints to regulators and at least one law firm preparing a case. Critics swiftly labeled the coin a scam.
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HAWK’s market capitalization initially peaked at $490 million but plunged to $29.1 million within hours, according to DexScreener. Reports revealed that a significant portion of the coin’s supply—up to 90 per cent—was controlled by insider wallets and snipers, including one entity that sold tokens for a $1.3 million profit just two hours post-launch.
Welch’s team denied involvement in these sales and stated no key opinion leaders received free tokens.
Welch, who shot to fame in June, has since expanded her ventures, including launching the podcast Talk Tuah and an AI-powered dating advice app called Pookie Tools. However, her cryptocurrency endeavor highlights the volatility and risks in the meme coin market.
