Hawk-Eyed Critics Slam ‘Hawk Tuah’ Girl’s Meme Coin Meltdown

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As a seasoned analyst with decades of experience navigating the volatile world of finance and entertainment, I find myself both intrigued and concerned by the rapid rise and fall of Haliey Welch’s memecoin, $HAWK.

22-year-old social media star Haliey Welch, who gained fame from her viral “Hawk Tuah” TikTok video, is currently under fire as her newly launched memecoin, $HAWK, plummeted 91% following accusations of insider trading and mismanagement.

Rapid Rise and Fall of $HAWK  

internet sensation Hailey Welch has faced criticism after the disastrous debut of her meme-based cryptocurrency, $HAWK, which was launched on December 4 through the Solana blockchain. While it initially thrived, the coin’s value dramatically dropped, leading to speculation about internal dealings and poor management.

Following its debut, the value of $HAWK skyrocketed to nearly ten times its initial worth, reaching a maximum market capitalization of $490 million, as reported by Crypto Times. Yet, within just a few hours, it plummeted by 91%, dropping from $0.04916 on Wednesday evening to $0.002439, according to DexScreener.

It has been determined that the crash was due to large-scale buyers (insiders) and snipers – entities who buy massive amounts of a coin at launch and then sell it during high publicity spikes. Analyzing blockchain data from Bubblemaps and DexScreener shows that 80-90% of the supply of $HAWK was in the hands of these groups, leading to significant price volatility.

Criticism from the Crypto Community  

Welch’s group encountered criticism from notable figures within the cryptocurrency community. In particular, a well-known crypto YouTuber named Stephen Findeisen (also known as Coffeezilla) voiced strong disapproval during an intense discussion on X Spaces (formerly Twitter Spaces), describing the $HAWK launch as “one of the most disappointing and unpleasant launches I’ve ever witnessed.” He also alleged that Welch’s team engaged in insider trading, which they refuted.

In reaction to the accusations, Welch declared on X that her team did not offload any tokens and made efforts to thwart any attempts at manipulation or interference as effectively as possible.

However, the absence of clear evidence of illegality has left the controversy unresolved.  

From Influencer to Crypto Controversy  

Ever since her popular TikTok video went viral, Welch has branched out into numerous initiatives, such as starting a podcast and an animal-focused charity. However, her involvement with cryptocurrency has stirred up some controversy in the course of her professional journey.

By branding herself as a “Meme Queen,” Welch has openly supported digital currencies such as Bitcoin and Dogecoin, which fits her online identity. Yet, the controversy surrounding $HAWK has raised questions about her capability to navigate the unpredictable world of cryptocurrency investments.

Legal and Ethical Implications  

Despite questions surrounding Welch’s involvement and accountability following the launch, there is currently no proof of any illegal activities. However, this incident has fueled wider debates about the dangers associated with crypto projects endorsed by influencers, emphasizing the need for stricter supervision in these types of investments. The collapse of $HAWK serves as a warning to both traders and influencers, underscoring the unpredictability and potential hazards inherent in the memecoin market.

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2024-12-06 18:01