Crypto viral
What went wrong with Hawk Tuah girl Haliey Welch’s crypto launch?
She became famous for a naughty catchphrase but questions are being asked as her token went down quicker than her meme.
The crypto world loves a wild ride, and few were wilder this week than the launch of Haliey Welch’s Hawk Tuah memecoin. Welch, better known as the Hawk Tuah Girl from her viral TikTok fame, promised her token would be a fun, community-focused project. Instead, it quickly became a cautionary tale for investors - and potentially one that gets the lawyers called in.
Hawk Tuah token: $500M boom and the 91% bust
HAWK hit the market on December 4 with a starting price of $0.000007099, exploding to $0.00004028 within hours. That eye-popping surge pushed its market cap to $500 million, a dream start for Welch’s new venture. But dreams are fragile in the cryptosphere. In less than 20 minutes, the token’s value plummeted by more than 50%, eventually crashing 91% just three hours post-launch.
This left many investors staring at empty wallets and a bitter aftertaste, sparking questions about what – if anything – went wrong. And there was no surprise to see the mass schadenfreude on social media.
Hawk Tuah token: rug pull or just bad luck?
Crypto’s favorite buzzword, “rug pull,” started circulating almost immediately. The term refers to when insiders intentionally tank a project by selling off their holdings after luring in investors. Welch, however, denies foul play. She insists her team sold no tokens and even implemented high transaction fees early on to discourage speculators.
But many point to how blockchain is telling a different story. On-chain analysis shows 96% of the token supply concentrated in a few wallets. One of those wallets reportedly grabbed 17.5% of the supply seconds after launch, selling off for a tidy $1.3 million profit. Welch’s critics argue that these numbers tell a story of insider maneuvering, no matter how many tweets or interviews she gives to the contrary.
And some have said they are taking legal action against her.
While the token did show some signs of recovery, volatility remains high, and trust in Welch’s project may now be irreparably damaged. Despite her insistence that HAWK wasn’t a “cash grab,” the evidence points to a launch that was poorly managed at best, or exploitative at worst.
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