Hailey Welch, better known to her internet followers as the “Hawk Tuah Girl”, launched her own memecoin, aptly named Hawk Tuah, on December 4. The digital coin, hosted on the Solana platform, experienced a meteoric rise and fall within just twenty minutes of its launch. The initial market capitalization reached a staggering $500 million, only to plummet precipitously to a more modest $60 million, a shocking event confirmed by Solana on their platform.
Welch’s rise to internet fame began with a viral video of her making a humorous onomatopoeic spitting sound. This fleeting internet fame propelled Welch from her minimum wage employment to internet stardom, and eventually to the launch of her own memecoin, the HAWK token.
However, the volatile performance of the HAWK token has reignited debates on the credibility and stability of memecoins among cryptocurrency enthusiasts. Some crypto users have even alleged that the token was set up as a ‘rug pull’ scam. ‘Rug pull’ refers to a fraudulent practice where developers suddenly withdraw liquidity from a project or abandon it outright, causing the token’s value to crash.
This speculation was further fueled by discussions on the Solana platform, where community-generated content claimed that the HAWK token’s supply was ‘sniped’ shortly after its launch. ‘Sniping’ refers to a situation where early investors or bots buy up massive amounts of the new tokens, leaving fewer tokens available for general investors and potentially exposing them to greater risk.
Despite this, not all HAWK token holders have offloaded their investment. A user going by the handle ZeusLFG posted that they still held onto their HAWK tokens, suggesting a level of optimism for the coin’s future.
As of this report, the trading volume of the HAWK token has surged by an impressive 951.67%, according to data from CoinMarketCap. Nevertheless, the HAWK token remains under scrutiny, with community members calling for greater transparency and additional disclosures to validate claims about the coin’s legitimacy.
The dramatic rise and fall of the HAWK token serves as a stark reminder of the volatility and unpredictability of the cryptocurrency market, particularly when it comes to memecoins. As with any investment, potential investors are advised to conduct thorough research and exercise caution. The story of the HAWK token also underscores the influence and reach of internet figures like Hailey Welch, whose personal brand was able to command a $500 million market cap, even if only for a fleeting moment.
