Haliey Welch, the social media influencer better known as “Hawk Tuah Girl”, launched its own cryptocurrency – which briefly rose in value only to collapse within hours.
Welch, 22 years old, rose to overnight fame earlier this year after an inappropriate comment she made during an x-rated interview in Nashville went viral on social media. She capitalized on her viral moment by launching a merchandise line and a podcast.
The “HAWK” cryptocurrency “memecoin” reached a market capitalization of $490 million shortly after its launch on Wednesday evening. Cointelegraph reportedciting data by DexScreener.
Within three hours, the coin had plunged 91% and was worth just $41.7 million.
Data from Blockchain analytics site Bubblemaps showed that a small number of crypto wallets controlled the vast majority of the available supply of “HAWK”.
This has fueled criticism on social media of so-called “snipers” – or investors who buy large quantities of new meme tokens at launch.
After the launch, Welch said on had not “sold a single token” of HAWK.
In a interview with FortuneWelch said memecoin was “not just a cash grab.” She admitted that she considered cryptocurrency “just a scam” and an “easy way for you to lose money”, but said she had since changed her mind.
“I don’t really see it as a gambling thing,” Welch said. “I think it’s a fun way to get my fans to interact.”
Stephen “Coffezilla” Findeisen, a popular crypto YouTuber, was among those who criticized Welch’s token launch and warned the public to stay away.
“Memecoins always benefit A) insiders B) trading bots,” Coffeezilla wrote on. “Don’t get out of liquidity.”