Haliey Welch, widely recognized as the “Hawk Tuah Girl” following her viral internet fame earlier this year, recently ventured into the cryptocurrency realm with the launch of her own meme coin, $HAWK. The token debuted on December 4, 2024, and experienced a meteoric rise, reaching a market capitalization of $490 million shortly after its release. However, this surge was short-lived, as the coin’s value plummeted by 91% within hours, settling at a valuation of $41.7 million.Â
The abrupt decline in $HAWK’s value has sparked significant controversy and backlash. Blockchain analysis revealed that a small number of wallets controlled a substantial portion of the coin’s supply at launch, leading to accusations of “sniping”—a practice where investors swiftly acquire large amounts of new tokens to sell them for profit during peak interest.
In response to these allegations, Welch stated on X (formerly Twitter) that her team had not sold any tokens and had implemented high initial fees to deter snipers. She emphasized that the project was not intended as a cash grab but as a means to engage her fanbase in a fun and interactive way.
Despite these clarifications, the launch has faced widespread criticism. Crypto YouTuber Coffeezilla advised the public to avoid memecoins, highlighting that they primarily benefit insiders and trading bots.
Additionally, law firm Burwick Law has offered support to those affected by the coin’s crash, indicating potential legal repercussions.Â
The $HAWK memecoin incident underscores the inherent risks associated with investing in memecoins, which are often subject to high volatility and speculative trading practices. It also highlights the importance of transparency and ethical practices in cryptocurrency ventures, especially those led by public figures with significant influence over their audiences.
