Haliey Welch, known as the 'Hawk Tuah Girl', launched her memecoin $HAWK which saw a dramatic rise and fall in its market value, sparking controversy and allegations of a pump-and-dump scheme. Critics and investors have raised concerns about the legitimacy of the launch, leading to significant financial losses for many.
Internet celebrity Haliey Welch, who rose to fame with her viral 'Hawk Tuah' meme, recently launched a cryptocurrency named $HAWK. The coin initially soared to a market cap of nearly $500 million but crashed by 95% within hours, leading to widespread accusations of a pump-and-dump scheme and leaving many investors with substantial losses.
On its launch day, $HAWK's value skyrocketed, reaching a market capitalization close to $500 million, only to plummet to around $28 million by the end of the day. This drastic drop led to severe financial repercussions for investors, many of whom accused Welch of orchestrating a pump-and-dump scheme. The coin's price volatility highlights the risks associated with investing in memecoins, which are often influenced by social media trends and celebrity endorsements.
Following the crash, Welch faced accusations from the crypto community, including allegations of insider trading and manipulation. Welch and her team denied these accusations, claiming they had taken measures to prevent market manipulation by 'snipers'. However, critics continued to express skepticism, pointing to the rapid sell-off and concentration of coin ownership as indicators of foul play.
The launch has not only affected investors but also sparked a broader discussion about the regulation of memecoins and celebrity-endorsed cryptocurrencies. Legal experts and regulatory bodies are scrutinizing the event for potential securities violations, while social media platforms buzz with discussions about the ethical implications of such high-risk investments promoted by public figures.
The controversy surrounding Haliey Welch's $HAWK launch underscores the volatile nature of cryptocurrency investments, particularly those tied to internet trends and celebrity endorsements. As the dust settles, the crypto community and potential investors are reminded of the critical need for due diligence and the unpredictable nature of memecoins.
"Team hasn't sold one token and not 1 KOL was given 1 free token. We tried to stop snipers as best we could through high fee's in the start of launch on Meteora." - Haliey Welch