Haliey Welch’s $HAWK meme coin has recently become the talk of the cryptocurrency world, stirring up controversy. Launched with significant buzz, the coin’s rapid rise and unexpected downturn have left investors questioning what went wrong. As the situation unfolds, the project has ignited debates about influencer-driven ventures.
Here’s more about what happened to Haliey Welch’s “$HAWK” meme coin.
Haliey Welch’s $HAWK meme coin suffers downfall
The launch of Haliey Welch’s $HAWK meme coin has reportedly turned into a controversy, as the project suffered a dramatic collapse just minutes after going live. Promoted heavily through her online persona, Hawk Tuah Girl, Welch’s coin initially soared to a market cap of $500 million before plummeting by nearly 88%, leaving many investors outraged (via Crypto News).
Accusations of foul play surfaced quickly. Crypto analytics platform Bubblemaps revealed on X (formerly Twitter) that 96% of the $HAWK supply was held in one concentrated wallet cluster, raising suspicions of manipulation.
Traders further alleged that Welch and her team orchestrated a rug pull. This is a scheme where developers siphon off funds and abandon the project. Reports claim that the token’s launch generated over $2 million within minutes, sparking calls for legal action (via CryptoNewsZ).
Welch responded by unveiling a detailed token roadmap, nicknamed “Hawkonomics,” to address the backlash. She claimed that the team had not sold any tokens and highlighted mechanisms like high launch fees to prevent early sniping.
The social media star wrote on X, “Team hasn’t sold one token, and not one KOL (Key Opinion Leader) was given any free tokens. We tried to prevent snipers by implementing high fees at launch on @MeteoraAG. Fee’s have now been dropped.”
Despite this, critics dismissed her statements as preemptive damage control, pointing out the roadmap was ready amidst the chaos. The fallout has left the crypto community divided. While $HAWK’s trading volume has increased, skepticism over it remains high. The incident has sparked debates about the risks of investing in influencer-backed cryptocurrency projects.
