Critics Criticize ‘Hawk Tuah’ Girl’s Meme Coin Meltdown

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A trending topic in the world of cryptocurrency right now is the rapid rise and fall of $HAWK, a memecoin launched by 22-year-old internet sensation Haliey Welch, famous for her viral TikTok video. The coin, which was released on December 4 on the Solana blockchain, initially saw a tremendous surge in value, climbing to 900% of its original price and reaching a market cap of $490 million. However, within hours, $HAWK crashed by 91%, plummeting to $0.002439 from a high of $0.04916, as reported by DexScreener.

Many in the crypto community have attributed this dramatic crash to insider wallets and snipers, entities that acquire significant amounts of a coin at launch to sell as soon as the price peaks. Blockchain data analyzed by Bubblemaps and DexScreener revealed that a significant portion of $HAWK’s supply was controlled by these groups, leading to substantial price volatility.

The crypto space has been abuzz with criticism for Welch’s team, with notable figures like Stephen Findeisen, a crypto YouTuber known as Coffeezilla, voicing their concerns. During a conversation on X (formerly Twitter) Spaces, Findeisen labeled the $HAWK launch as one of the worst he had witnessed and accused Welch’s team of insider trading, an allegation they have refuted. Welch has maintained that her team did not sell any tokens and did their best to prevent snipers from taking advantage.

Since her rise to fame, Welch has diversified her interests, with projects ranging from a podcast to an animal charity. Her involvement in the cryptocurrency world, however, has sparked controversy. Publicly endorsing cryptocurrencies like Bitcoin and Dogecoin, Welch’s $HAWK venture has called into question her ability to navigate the sometimes turbulent crypto market.

While there is no concrete evidence of legal wrongdoing on Welch’s part, the aftermath of the $HAWK launch has sparked discussions about the risks associated with influencer-backed crypto projects and the need for more oversight in this space. This incident serves as a cautionary tale for both traders and influencers, underscoring the unpredictable nature of the memecoin market.

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