Popular TikTok influencer Hailey Welch has officially entered the crypto industry with a HAWK memecoin inspired by her super viral meme making a spitting noise. She earned the title Hawk Tuah Girl and launched a meme-themed cryptocurrency. Interestingly, the token gained popularity instantly, reaching a market cap of $500 million, but dropping to $60 million within twenty minutes.
The immediate rise and fall in the price of Hawk Tuah coin has become controversial among crypto investors, where many doubt the possibility of a rug pulling scam.
Hawk Tuah Girl Surrounded by Controversy Over HAWK Memecoin Scam
Despite its launch on December 4, the Hawk Tuah (HAWK) coin is one of the most memecoin trends Solana with great popularity. At its peak, HAWK coin reached an ATH of $0.00004028 just hours after its launch. More importantly, this one launched with a listing price of $0.000007099, but it increased more than 10 times shortly after. However, in 20 minutes, the HAWK coin fell by 50% and 91% in three hours, making it controversial.
LAST: @HalieyWelchX(Hawk Tuah Girl) newly launched token on @Solana soared to $500 million before falling below $60 million in just 20 minutes. pic.twitter.com/xjsTxzKB05
– SolanaFloor (@SolanaFloor) December 4, 2024
This concerns crypto investors as they fear the possibility of a memecoin scam. Interestingly, as soon as the price of Hawk Tuah coin reached an ATH, major token holders mass-sold the token, causing its price to plummet within twenty minutes. Interestingly, this significant drop also maintains media attention, fueling its popularity, as it is currently trading at $0.00002101 after a significant recovery. In the last 24 hours, the price surged 168% with market capitalization and trading volume of $210.71 million and $431.39 thousand.
Analyzing the situation, many analysts and crypto influencers claimed that this Hawk Tuah girl’s token fell due to insider trading. More importantly, Bubblemap revealed that 96% of the HAWK memecoin supply is pooled, meaning that a set of individuals hold 96% of the total supply.
🚨🚨WARNING🚨🚨$HAWK token insiders have retained over 97% of the supply and are actively selling!!! pic.twitter.com/KhfXwvQDwV
– Beanie (@beaniemaxi) December 4, 2024
Hailey Welch says there is ‘no insider trading’
In an early interview with Fortune, Hailey Welch, or girl Hawk Tuah, said this memecoin was “not just a money grab.” Instead, it’s a fun and safe opportunity for her to connect with the community. More importantly, its management revealed that it wants to change people’s views on crypto. However, this turned into a memecoin scam controversy in which many investors suffered heavy losses due to the sudden drop.
With the HAWK memecoin crashing, Hailey Welch commented on the situation, saying that the team did not sell any tokens and did not share any free HAWK coins with KOL. Additionally, she revealed that they tried to stop snipers with high fees early on in the launch, but that clearly failed when the price dropped.
Copy and paste:
Hawkanomy:
The team did not sell a single token and no KOL received a free token
We tried to stop the snipers as best we could through high fees at the start of the launch on @MeteoraAG
Fees have now been removed pic.twitter.com/E7xN9VmCrx
– Haliey Welch (@HalieyWelchX) December 4, 2024
However, despite his claims, people are worried about the likely sniper or insiders. Indeed, despite the strong sales, the top 10 wallets still contain more than 87% of the total supply of HAWK memecoins. One such wallet grabbed 17.5% of the Hawk Tuah coin supply within seconds of launch and sold a large portion of it, making $1.3 million in profit.
The outcome is unclear, but people are considering legal action against the Hawk Tuah girl. A crypto investor, Scooter, filed the lawsuit and said he filed the report. Additionally, he urges others to do the same against these bullies. A popular law firm, Burwick Law, also commented and asked victims to contact them to understand their rights in such a situation.
Final Thoughts
Pump.Fun and similar launchpads have made creating memecoins much easier. With that, Pump.fun made ATH revenuebut memecoin scams are also on the rise, which is concerning. Investors believe that the Hawk Tuah girl memecoin is also in a scam situation, as the HAWK memecoin rose sharply and fell sharply within a few hours. Interestingly, the creator, Hailey Welch, says this is not insider trading. However, major holders hold large holdings of HAWK coins, which is a concern for others as further selling may occur.
Pooja Khardia
With a deep-rooted passion for reading and five years of experience in content writing, Pooja is now focused on creating trending content in the cryptocurrency market. As a dedicated crypto journalist, Pooja is constantly on the lookout for trending topics and informative statistics to create compelling articles for crypto enthusiasts. Keeping up with the latest trends and advances in the field is an integral part of his daily routine, fueling his commitment to providing timely and insightful coverage.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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