Newly launched memecoin HAWK crashes from nearly $500M to $60M market cap in 20 mins

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As a seasoned crypto investor with over a decade of experience in this wild west of digital assets, I’ve seen my fair share of pump-and-dumps, rug pulls, and memecoins that were born to die. The rise and fall of Hawk Tuah’s namesake token, HAWK, is yet another example of the unpredictable nature of this industry.

As a passionate crypto investor, I found myself diving into the latest digital asset trend – the launch of memecoin, Hawk Tuah, by influencer Hailey Welch on December 4th. However, my excitement was short-lived as the cryptocurrency plummeted from an impressive $500 million market cap to a mere $60 million in a matter of mere 20 minutes post-launch.

On December 4th, internet personality Hailey Welch, also known as the Hawk Tuah Girl, unveiled her newly minted memecoin, $HAWK, on the Solana blockchain. In just minutes, the coin skyrocketed to a market capitalization of approximately half a billion dollars, only to plummet dramatically to around $60 million in the same brief span. This rapid fluctuation was later corroborated by Solana (SOL) on their official platform.

Recently, the token introduced by @HalieyWelchX (Hawk Tuah Girl) on the Solana platform reached a staggering $500 million, only to plummet down to less than $60 million within a mere 20-minute span.

— SolanaFloor (@SolanaFloor) December 4, 2024

Who is Hawk tuah girl?

Initially, Welch gained popularity as the “Girl who imitates a hawk’s spit” following a video of hers that became widely shared online, causing an amusing spitting sound to spread across social media platforms earlier this year. As a result, Welch transitioned from working a minimum wage job to being part of internet meme culture. Leveraging this viral phenomenon, Welch introduced the HAWK token.

Rise and fall of HAWK token

The significant decrease by about 88% in the HAWK token has sparked renewed debate within the cryptocurrency community about the extreme volatility often seen in memecoins. Some crypto users speculate that the token was created with the intention of rug pulling, a fraudulent practice where developers drain liquidity or abruptly abandon projects, causing the token’s value to dramatically decrease.

Hawk is live!!!

HAWKThXRcNL9ZGZKqgUXLm4W8tnRZ7U6MVdEepSutj34

— Haliey Welch (@HalieyWelchX) December 4, 2024

Based on community-generated content on X, it’s been claimed that the Hawk token’s supply was swiftly acquired following its launch, a practice known as “sniping.” This typically involves early investors or automated bots grabbing large quantities of tokens, leaving fewer opportunities for the wider public and potentially exposing them to risks. Such instances can be indicative of a project’s health, suggesting that few people hold the token. However, it’s important to note that not every Hawk token holder has chosen to sell their HAWKs, as pointed out by user ZeusLFG, which indicates a strong belief in the token’s future potential.

As I pen down my analysis, it’s evident that the trading volume of the token has experienced an unprecedented surge by an astonishing 951.67%. According to CoinMarketCap, this exponential growth is under scrutiny within our community. With the ongoing discourse, there’s a call for more transparent disclosures to substantiate these claims and maintain a vigilant watch over the Hawk Token project.

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2024-12-05 07:16