Hawk Tuah Girl’s Meme Coin Plummets Within Minutes
Source: Anadolu / Getty
Hailey Welch, who is better known as the “Hawk Tuah Girl”, is facing criticism after launching her own cryptocurrency that nosedived in value.
On Wednesday, Welch launched a $HAWK meme coin through the Solana blockchain, with the currency seeing an immense amount of initial growth. Right after the coin was launched, its’ market cap rose to $500 million. However, its value began to plummet within minutes, going all the way down to $60 million, reported Express Tribune.
Welch jumped on the meme coin trend with $HAWK, a cryptocurrency that promised investors the chance to cash in on the viral energy she’d cultivated. The idea behind the meme coin was simple: leverage her internet fame to drive up the coin’s value. However, meme coins, notorious for being high-risk ventures, quickly turn dicey when things go south. And boy, did they go south fast.
Hawk is live!!!
HAWKThXRcNL9ZGZKqgUXLm4W8tnRZ7U6MVdEepSutj34 pic.twitter.com/9GFgYwpeFA
— Haliey Welch (@HalieyWelchX) December 4, 2024
https://platform.twitter.com/widgets.js
The term “rug pull” in the crypto world refers to when developers pump up the value of a coin, attract heaps of investment, and then yank the rug out from under investors by disappearing—along with the cash. In the case of Hawk Tuah Girl’s $HAWK, the meme coin collapsed, with many investors accusing her of engineering the rug pull or at least being complicit. However, some suggest she may have been just as clueless as the rest of her fans, swept up in the speculative fervor surrounding meme coins.
As the situation unfolds, the crypto community and Welch’s fans are anxiously awaiting more information — and whether the consequences of the $HAWK crash will lead to legal action.
