Haliey Welch, better known as the viral sensation "Hawk Tuah Girl," is making waves for more than just her quirky onomatopoeia. The internet starâs foray into cryptocurrency has sparked both excitement and controversy after her newly launched digital coin, Hawk, saw its value plummet dramatically shortly after debuting.
đ A Soaring Start, Followed by a Sharp Fall
Hawk launched on the Solana blockchain on Wednesday, reaching a staggering $490 million market cap shortly after its release. But within just 20 minutes, the tokenâs value nosedived by more than 95%, settling at around $60 million.
Fans and investors initially rallied behind the coin, but many are now accusing Welch and her team of orchestrating a âpump and dumpââa scheme where creators hype up an assetâs value before cashing out at its peak.
Welch has strongly denied these allegations, stating:
> "Team hasnât sold one token," she wrote in a post on X (formerly Twitter).
She further emphasized that no free tokens were gifted to KOLs (Key Opinion Leaders), although some fans had received free Hawk coins ahead of the launch.
đ„ Scam Allegations and Community Outcry
A community note on Welchâs X post challenges her claims, asserting that her team began selling Hawk tokens immediately after launch.
Prominent cryptocurrency investigator Coffeezilla added fuel to the fire, accusing Welchâs team of enabling âinsider advantagesâ and profiting from a ârug pullââa term describing a fraudulent crypto scheme where creators abandon a project after collecting investments.
> "Theyâre not targeting crypto bros," he said in a viral video with over 1.4 million views. "Theyâre targeting actual fans whoâve never been in the crypto space before."
đ§ Welch Defends Hawk Coin
Welch remains steadfast, claiming her team imposed higher transaction fees on one exchange to combat âsnipingââa tactic where traders exploit price gaps for profit.
The team behind Hawk, OverHere, also dismissed allegations, stating:
> "Halieyâs team has sold absolutely no tokens whatsoever."
đ The Meme Coin Craze: Fun or Risky?
Meme coins, known for their humor and affordability, have become a popular gateway for young investors. Yet, experts warn of the risks associated with these volatile assets.
Carol Alexander, a finance professor at Sussex University, cautioned:
> "While more young people are investing in meme coins, many of them are losing money."
đ Who is Haliey Welch?
Hailing from Belfast, Tennessee, the 22-year-old shot to fame after imitating the sound of spittingââhawk tuahââduring a candid interview in June. Dubbed a âGen Z Dolly Partonâ by Rolling Stone, Welch has since amassed millions of followers, launched a podcast (Talk Tuah), and built a merchandise empire.
Welch described her decision to launch Hawk as a way to counter imposters selling fake coins in her name.
> "Itâs a great way to get all my fans and community to interact and come together," she told TMZ ahead of the launch.
đ ïž Hope Amid Controversy
Despite the criticism, Welchâs supporters remain hopeful that Hawk can recover and deliver on its promise to unite fans. The crypto world is watching closely to see if Welch can transform this turbulent start into a success story.
Stay tuned as the Hawk Tuah saga unfolds.
đŹ Whatâs your take on the meme queenâs crypto adventure? Let us know in the comments!
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