Hailey Welch, an influencer on social media, launched her personal memecoin, Hawk Tuah, on Dec. 4. The cryptocurrency crashed from $500 million to $60 million in simply 20 minutes post-launch.
Hailey Welch, generally generally known as the Hawk Tuah Woman on the web, launched her new memecoin of the identical title, $HAWK, on Solana on Dec. 4. The coin shortly took off, garnering a market cap of about $500 million, which then crashed to just about $60 million, all inside 20 minutes of launch. The information was additional confirmed by Solana (SOL) on X.
Who’s Hawk tuah woman?
Welch first rose to fame because the “Hawk tuah woman” after a video of her went viral, making a comical onomatopoeic sound of spitting took over social media earlier this yr. With the meme, Welch quickly progressed from working a minimal wage job to discovering herself in an web meme tradition. Constructing on this viral second, Welch launched the HAWK token.
Rise and fall of HAWK token
The large drop of virtually 88% within the HAWK token has reignited the dialogue on the excessive volatility of memecoins within the cryptocurrency neighborhood. Some crypto customers consider the token was initially constructed for rug pulling, a cryptocurrency rip-off during which builders withdraw liquidity or all of the sudden abandon a mission, ensuing within the token’s worth plummeting.
In keeping with content material generated by the neighborhood on X, the Hawk token’s provide was allegedly “sniped” shortly after launch. This refers to situations the place early traders or bots snatch up giant quantities of tokens, leaving the broader neighborhood with much less entry and exposing them to dangers. These are sometimes warning indicators of the well being of the mission because it reveals few individuals personal the token. Nonetheless, not all holders have bought their HAWKs, as posted by a consumer, ZeusLFG, reflecting a robust optimism for the token.
On the time of writing, the token’s buying and selling quantity has risen exponentially by 951.67%, as per CoinMarketCap. Whereas the controversy goes on, Hawk Token stays below shut statement, with members of the neighborhood demanding extra disclosures to verify these claims and maintain an in depth eye on this mission.
