“Hawk tuah” daughter Haliey Welch is still going strong. Welch went viral this summer for her quirky catchphrase and has since parlayed that fame into a merch line and podcast featuring guests such as Mark Cuban. She has now found a new way to express a phrase that cannot be explained in polite company: a “memecoin” which is launched today on the Solana blockchain.
Memecoins are cryptocurrencies that, true to their name, are going viral among internet communities on platforms like Telegram and Discord, often based on fleeting moments like the right-wing mascot Peanut the squirrel. In many cases, buyers rush into the coins and prices climb – sometimes reaching market caps in the billions of dollars – until holders rush to sell before the value plummets.
In an interview with Fortune, Welch insisted that his memecoin, named HAWK, is “not just a cash grab,” but provided few details about how it could be used for purposes other than speculation. In her distinctive Southern accent, Welch said she wanted to change the public’s view of crypto, although her manager, Jonnie Forster, intervened when asked about HAWK’s valuation and uncertainty legal. “We don’t want to violate securities laws,” Forster said. Fortune. “We would say we almost symbolize, in a sense, the Haliey fan base.”
Cryptocurrency Hawking
Unlike the more serious side of crypto, where companies like black rock and Fidelity are helping to introduce Bitcoin to the world, HAWK will likely find its place in a corner of the industry dominated by so-called “degens” – short for degenerates, who love memes, trolling and money schemes. get rich quick. .
The world of memecoins seems like a fitting place for Welch, whose TikTok video depicting oral sex garnered millions of views and catapulted her to sudden stardom. After her first burst of fame, she remained in the news with acts like throwing out the first pitch at a New York Mets game, and through her podcast, which debuted as the third most popular on Spotify. But when it comes to memecoins, Welch will want to tread carefully.
Celebrities have a long and disastrous history of selling cryptocurrencies, with luminaries such as Kim Kardashian and Floyd Mayweather both reaching settlements with the Securities and Exchange Commission for failing to disclose payments intended to promote tokens. (When requested by Fortune, Welch said she “wasn’t aware” that the government had gone after celebrities.)
However, in his interview with Fortune, Welch said she was genuinely interested in using crypto and her memecoin as a way to connect with her fans. His manager also made it clear that the HAWK token is different from other celebrities involved in crypto, as they are not telling people to buy it and will instead give free tokens to social media followers and fans who purchased his merchandise . Forster said Welch would hold 10 percent of the supply but would not be able to sell for a year.
Welch began appearing on the crypto scene shortly after his TikTok video, including at the Bitcoin conference in his home state of Tennessee and at Korea Blockchain Week, appearances that raised concerns among long-time hands of digital assets. She said Fortune that other celebrities like rapper Lil Pump introduced her to crypto and that she was invited to the crypto fighting league Karate Combat, which became widely frequented by influencers.
Welch says she considered crypto “just a scam” and an “easy way for you to lose money,” but she changed her mind after attending the conferences. When asked what aspects of crypto appealed to her, she said it was a “really good thing” and a “good way to interact with my fans.” Welch was unaware of the specific benefits his memecoin holders would receive, although his manager added that they planned to have “more fan engagement around it,” without offering further details.
Memecoins have exploded in popularity as a form of social gaming, with Eddy Lazzarin, Andreessen Horowitz’s chief crypto technology officer. describing calling them “casinos” that “undermine the long-term vision of crypto,” although other investors brag about them as a means of financializing communities.
Welch and his manager maintain that the HAWK memecoin is not about his valuation (even though they would likely receive inquiries from the SEC if they said otherwise). “I don’t really see it as a gambling thing,” Welch said. Fortune. “I think it’s a fun way to get my fans to interact.”