Hailey Welch, a social media influencer, launched her own memecoin, Hawk Tuah, on December 4. The cryptocurrency grew from $500 million to $60 million in just 20 minutes after its launch.
Hailey Welch, commonly known as Hawk Tuah Girl on the internet, has launched her new memecoin $HAWK, the Solana on December 4. The coin quickly took off, generating a market cap of around $500 million, which then crashed to almost $60 million, all within 20 minutes of launch. The news was further confirmed by Solana (GROUND) on X.
Who is the Hawk tuah girl?
Welch first became famous as “Hawk tuah girl” after a video of her went viral, making a comical spit onomatopoeia that took over social media earlier this year. With the evenWelch quickly went from a minimum wage job to a culture of internet memes. Building on this viral moment, Welch launched the HAWK token.
Rise and fall of the HAWK token
The massive drop of almost 88% in the HAWK token has reignited the debate on the high volatility of memecoins in the cryptocurrency community. A few crypto users believe the token was originally designed to pull a ruga cryptocurrency scam in which developers withdraw liquidity or suddenly abandon a project, causing the token’s price to drop.
According to community-generated content on X, supply of the Hawk token was allegedly “sniped” shortly after its launch. This refers to cases where early investors or bots grab large amounts of tokens, leaving the broader community with less access and exposing them to risk. These are often warning signs of project health, as they show that few people own the token. However, not all holders sold their HAWKs, because job by a user, ZeusLFG, reflecting strong optimism for the token.
At the time of writing, the token’s trading volume has increased exponentially by 951.67%, according to CoinMarketCap. While the debate continues, Hawk Token remains under close observation, with community members demanding additional disclosures to confirm these claims and keep a close eye on this project.