Influencer Haliey Welch, known as “Hawk Tuah,” has launched a cryptocurrency called Hawk Tuah (HAWK) on the Solana blockchain. The coin is based on viral memes and pop culture references, similar to Dogecoin and Pepecoin. Welch’s manager said the project aims to “tokenize” her fan base without breaking securities laws.
However, social media users quickly filed complaints with regulators, and critics labeled the coin a scam. Despite an initial peak market capitalization of $490 million, HAWK plummeted to $29.1 million, a decline of 94%. An investigation by Cointelegraph found that 80-90% of the token’s supply was controlled by insider wallets and snipers.
Welch’s team claimed they haven’t sold any tokens and had taken steps to prevent snipers from buying up large amounts of supply. The coin was launched after Welch went viral on YouTube in June, where she founded a company, hired an agent, and began selling merchandise and making appearances.
Source: https://qz.com/hawk-tuah-memecoin-hailey-welch-crypto-launch-1851714324