The crypto world was left reeling after the highly anticipated $HAWK memecoin, associated with viral star Haliey Welch—known online as “Hawk Tuah”—saw its value plummet by 95% within minutes of launch. The coin, which debuted with a market cap of approximately $425 million, nosedived to $30 million in just 20 minutes, leaving investors stunned and holding substantial losses.
A Turbulent Debut for $HAWK
Launched on December 4th, the memecoin sparked massive interest, with fans and crypto enthusiasts rallying behind Welch’s larger-than-life persona. However, what began as a promising venture turned into chaos as traders accused the $HAWK token of being a “pump and dump” scheme.
Social media platforms lit up with outrage and memes, and the hashtag #HawkTuah trended internationally. Many questioned whether Welch, whose online brand is built on humor and relatability, was fully aware of the complexities and risks of launching a cryptocurrency.
A Disastrous Livestream Response
In the hours following the crash, Welch and her team hosted a Twitter X Spaces livestream to address the controversy. However, the session quickly descended into disarray, with conflicting explanations and mounting criticism from participants. Welch abruptly ended the livestream, signing off with, “I’m going to bed. See you guys tomorrow.”
Since that night, Welch has gone silent. Her social media accounts and popular Talk Tuah podcast have been inactive, fueling speculation about her whereabouts and involvement in the debacle.
Investors Take Legal Action
The fallout escalated this morning as several investors filed a lawsuit against the entities behind the memecoin. The lawsuit targets the Tuah The Moon Foundation, OverHere Ltd. (the coin’s creator), and its promotional team. Notably, Welch herself is not named in the legal action.
Social Media Reacts
The crypto community has reacted with a mix of outrage and humor, with some mocking Welch for entering the volatile world of cryptocurrency without adequate preparation. Others expressed sympathy, suggesting that she may have been unwittingly caught in a poorly managed project.
What’s Next for Hawk Tuah?
As Welch remains silent, questions linger about her involvement and the future of the $HAWK memecoin. Whether this was an unfortunate misstep or a cautionary tale of influencer-driven cryptocurrency projects, the incident serves as a stark reminder of the risks in the crypto space.
For now, the world is left wondering: where is Hawk Tuah, and will she address the storm her name is tied to?
