- Haliey Welch’s HAWK memecoin surged 900% before crashing 91% within hours.
- Blockchain data contradicts Welch’s claim that her team didn’t sell HAWK tokens.
As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the rapid rise and fall of Haliey Welch’s HAWK memecoin has left me both amused and bewildered.
2024 saw an unanticipated twist in the surge of memecoins as a fresh token called HAWK made its debut on the Solana blockchain, drawing inspiration from the popular internet personality Haliey Welch.
Famous for her distinctive slogan and internet notoriety earlier in the year, Welch has since established an entrepreneurial empire, comprising a product line and podcast, which invites prominent figures such as Mark Cuban as guests.
As I delve into the world of cryptocurrencies, I find myself drawn to HAWK’s mission – it seeks to reshape public perception of digital currencies beyond mere speculative assets.
Nevertheless, doubts persist about the token’s function and worth, as her supervisor, Jonnie Forster, avoids addressing queries regarding its legal basis.
Remarking on the same, Forster told Fortune,
We aim to avoid violating securities regulations. In essence, what we’re doing is similar to the concept of tokenizing, but in this case, it pertains to Haliey’s fan base.
Hawk crypto mishap
As the individual often referred to as “Hawk Tuah” girl due to my viral June interview with street-focused YouTubers, I’ve encountered swift criticism since the debut of my memecoin, $HAWK.
Though Welch gained fame for her humorous response, her entry into crypto hasn’t pleased investors.
The value of this token dropped significantly more than 90% shortly after it was introduced, which left the cryptocurrency community underwhelmed and caused doubts about the project’s feasibility to arise.
On the 4th of December, according to DEXScreener, cryptocurrency $HAWK experienced a significant increase in value, jumping over 900% from its initial price of $0.005492.
However, the excitement was short-lived, as HAWK’s value plunged by 91% within hours.
Community reactions
It’s intriguing how the market’s swift fluctuations presented profitable chances for certain traders. Remarkably, it is said that a single trader cashed out approximately 135 million HAWK tokens, raking in an estimated $1.3 million from a single transaction.
Providing further insights on the matter, a community note on one of Welch’s X posts claimed,
“96 percent of the $HAWK supply is in 10 connected addresses before the launch.”
According to Welch’s statement, it was anticipated that her team didn’t trade any HAWK tokens; however, the blockchain appears to contradict this claim.
However, the community note mocked the post and stated,
“Hailey is lying and will likely have to ‘talk tuah’ judge about this.”
In their own words, Welch and her manager emphasized that the main concern for HAWK memecoin isn’t its valuation, even though there may be regulatory oversight from the SEC.
And, as obvious as it sounds, Welch summed it apt when she said,
I don’t view it as a form of gambling; instead, I consider it an enjoyable method for engaging my fans.
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2024-12-05 17:44