Influencer Haliey Welch, known as ‘Hawk Tuah Girl’, launched her own cryptocurrency – but admitted she previously thought it was just an ‘easy way for you to lose money “.
Welch, who went viral after being filmed by YouTube creators using the onomatopoeia “hawk tuah” to describe an intimate act, has since parlayed her newfound fame into a successful product line and podcast, featuring notable guests like the entrepreneur. Marc Cuban.
However Welch said Fortune that its memecoin, named HAWK, is “not just a money grab”, since its value plunged by $440 million in just 20 minutes.
News week contacted Welch for comment outside of normal business hours.
Michael Tullberg
A memecoin is a type of cryptocurrency inspired by Internet memes or jokes. These pieces often gain popularity due to social media trends, celebrity endorsement, or humor associated with their branding rather than any intrinsic utility or technical innovation.
Welch said she changed her mind about crypto after attending conferences. Asked about the currency’s appeal, she called it “a really good thing” and said it was “a good way to interact with my fans.”
However, she admitted that she was unaware of any specific benefits for holders of her memecoin. His manager mentioned plans to foster “more fan engagement around this”, although no details were provided.
Welch, who described his new venture as “Hawkanomics,” saw the coin skyrocket to a valuation of $500 million before plummeting to less than $60 million as netizens alleged insider trading and “sniping” tactics, where early adopters monopolize tokens to drive up prices. before cashing out.
OverHere, the team behind the memecoin launch, has denied accusations of insider trading. Welch said in an article on X, formerly Twitterthat “we tried to stop the snipers as best we could by paying high fees”, which have since been abandoned.
Blockchain data revealed that 96% of the token supply was held by just 10 addresses at launch, fueling allegations of foul play. Welch and his team said no tokens were sold by insiders during the launch. “The team has not sold a single token and no influencers have received free tokens,” Welch wrote on X (formerly Twitter), responding to the claims.
As of 7:31 a.m. ET on Thursday, HAWK was valued at $34.3 million.
The viral sensation joins A-list personalities such as Kim Kardashian and Floyd Mayweather who endorsed crypto tokens.
Its manager, Jonnie Forster, clarified that the HAWK token is distinct from other celebrity crypto companies because they do not encourage people to buy it.
Instead, they plan to distribute free tokens to social media followers and fans who purchased its products. Forster said Welch will own 10 percent of the supply, but won’t be able to sell any of it for a year.
Update, 12/05/2024, 7:31 a.m. ET: This article has been updated with additional information.
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