Social media influencer Hailey Welch launched her own memecoin, Hawk Tuah, on December 4. The cryptocurrency dropped from $500 million to $60 million in just 20 minutes after launch.
Hailey Welch, known online as Hawk Tuah Girl, launched her new memecoin of the same name, $HAWK, on Solana on December 4th. The coin rose rapidly and achieved a market value of approximately $500 million. it dropped to around $60 million within 20 minutes of launch. The news was also confirmed by Solana (SOL) on X.
Solana’s X post about the Hawk tuah or HAWK token is falling fast. Who is Şahin Tuah Kızı?
Welch first rose to fame as the “Hawk tuah girl” earlier this year when a video of her making a hilarious onomatopoeic spitting sound went viral on social media. With the meme, Welch quickly went from working a minimum wage job to finding herself immersed in an internet meme culture. Building on this viral moment, Welch launched the HAWK token.
The rise and fall of the HAWK token
The huge drop of almost 88% in the HAWK token has reignited the debate in the cryptocurrency community regarding the high volatility of memecoins. Some crypto users believe the token was originally created for rug-pulling, a cryptocurrency scam in which developers withdraw liquidity or suddenly abandon a project, causing the token’s price to plummet.
Community-created content that appears in the X alert about the HAWK token.
According to content created by the X community, the Hawk token supply was allegedly “discontinued” shortly after launch. This means situations where early investors or bots capture large amounts of tokens, giving them less access to the wider community and exposing them to risks. These are often warning signs about the health of the project because they show that the token is owned by very few people. However, as noted by a user named ZeusLFG, not all holders sold their HAWK, reflecting strong optimism for the token.
At the time of writing, the token’s trading volume has increased exponentially by 951.67%, according to CoinMarketCap. As the controversy continues, Hawk Token remains under close observation, with community members requesting additional clarifications to verify these claims and keep a close eye on this project.