Hawk Tuah Meme Coin Hits $500 Million, Crashes in 20 Minutes
Haliey Welch, better known as Hawk Tuah Girl, saw her meme coin skyrocket and plummet just 20 minutes after its release.
Hawk Tuah was an instant hit upon launch, with a market value of half a billion dollars, but the joy was short-lived.
Hailey Welch faces backlash over Hawk Tuah crash
Welch, who went viral for his spitting videos earlier this year, has since jumped on the bandwagon and built a fan base on TikTok. Influencers enter cryptocurrency market With the launch of her own meme coin. However, what started out as a promising undertaking soon turned into chaos.
Hawk Tuah’s market capitalization soared to $500 million within minutes of listing, attracting attention. The coin’s price climbed from its launch price of $0.000007099 to a peak of $0.00004028.
However, the excitement didn’t last long. In just 20 minutes, its market value plummeted to $60 million, sparking outrage and confusion among investors. accusations insider trading It surfaced quickly.
Welch has denied all accusations, but data shows that 96% of her total token supply is in top wallets. She immediately clarified the issue to X and stated:
“Hawkanomics: The team has not sold a single token nor given 1 free token to 1 KOL. At the beginning of the launch on @MeteoraAG we tried to do our best to deter snipers with high fees. Now the fees have been reduced ,”she explain.
Her statement did little to ease concerns Carpet pull. One trader even submit A report against Welch, and by X encouraging others to do the same. So far, the results are still not promising.
The saga of Hawk Tuah has elicited mixed reactions from the community. In response, users found the entire process both criminal and ridiculous.
“It’s a nice pattern on the map, haha,” joke a user.
Some users even came to Welch’s defense. Welch believes the new influencer likely lacks technical knowledge of the situation and she could be taken advantage of by her management.
“She’s clearly just a representative of a large group of entities that are using her to get the most value out of her. Come on, let’s be honest. Not that long ago, this girl didn’t even know what cryptocurrencies were.” One user ring exist.
The Hawk Tuah incident highlights the dual nature of meme coins. They are both opportunities for community-driven innovation and cautionary tales of speculative chaos, especially when led by influential people.
Other celebrities facing similar accusations include Caitlyn Jenner, Jason Derulo, Andrew Tait, Iggy Azalea and YouTuber Mr. Beast. It remains to be seen whether Welch can salvage the coin’s reputation or if it becomes another footnote in the history of failed meme coins.
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