Haliey Welch, known more endearingly as the Hawk Tuah girl, saw her coin skyrocket and crash just 20 minutes after launch.
Upon its launch, Hawk Tuah gained instant popularity, reaching a market capitalization of half a billion, but the joy was short-lived.
Hailey Welch faces backlash following Hawk Tuah crash
Welch rose to fame earlier this year for her viral spitting clip and has since jumped on the bandwagon and established a fan base on TikTok. The influencer entered the crypto walk with the launch of its own coin. However, what started as a promising business quickly became chaotic.
Hawk Tuah reached a market capitalization of $500 million within minutes of its launch, attracting attention across the board. The token’s price peaked at $0.00004028, up from its launch price of $0.000007099.
But the euphoria did not last. In just 20 minutes, its market capitalization plummeted to $60 million, sparking outrage and confusion. among investors. Accusations of insider trading quickly surfaced.
Welch has denied all allegations, but data indicates that 96% of its total token supply is in top wallets. She quickly reached out to X to clarify the issue, saying:
“Hhawkanomics: The team did not sell a single token and no KOL received a free token. We tried to stop snipers as best we could with high fees at the start of the launch on @MeteoraAG. The fees have now been waived,” she said. said.
His statement did not allay concerns of a rug pull. One trader even filed a report against Welch, and spoke to X to encourage others to do the same. For now, the result remains worrying.
The Hawk Tuah saga has received mixed reactions from the community. In response, users found the whole ordeal both criminal and laughable.
“It’s a nice pattern on the cards, but lol,” joked a user.
Some users even rushed to Welch’s defense. Arguing that it is highly likely that the new influencer had little technical knowledge of the situation, Welch could have been taken advantage of by her management.
“She is obviously just a front for a larger group of entities who are using her to extract maximum value. Come on, let’s be realistic. The girl didn’t even know what crypto was until a little while ago,” one user chimed In.
The Hawk Tuah incident highlights the dual nature of meme coins. They are both opportunities for community-driven innovation and cautionary tales about speculative chaos, especially when led by influencers.
Other celebrities who have faced the same accusations include Caitlyn Jenner, Jason Derulo, Andrew Tate, Iggy Azalea, and YouTuber Mr. Beast. It remains to be seen whether Welch can salvage the token’s reputation or whether it will become another footnote in the history of failed meme coins.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and current information. Readers are, however, advised to independently verify the facts and seek professional advice before making any decision based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.