DailySun
On December 4, Hailey Welch, a prominent social media influencer, introduced her own memecoin, Hawk Tuah. Shortly after its launch, the cryptocurrency saw a dramatic decrease from $500 million to $60 million in just 20 minutes.
Known as the Hawk Tuah Girl online, Hailey Welch launched her memecoin, $HAWK, on Solana on December 4. The token initially surged to a market cap of approximately $500 million, only to plummet to nearly $60 million within 20 minutes after the launch. This information was later verified by Solana on X (SOL).
Who is the Hawk Tuah Girl?
Hailey Welch first gained popularity as the “Hawk Tuah Girl” after a viral video that showcased her comically making a spitting sound, which captured the attention of social media users earlier this year. Riding the wave of this meme, Welch transitioned from a minimum wage job to immersing herself in internet meme culture, eventually leading her to create the HAWK token.
The Rise and Fall of the HAWK Token
The significant 88% drop in the HAWK token’s value has reignited discussions within the cryptocurrency community regarding the inherent volatility of memecoins. Some crypto enthusiasts speculate that the token was initially intended for rug pulling, a scam involving developers withdrawing liquidity or abandoning a project, which results in a sharp price decline for the token.
Community discussions on X suggest that the supply of the Hawk token was allegedly “sniped” soon after its release. This term refers to scenarios where early investors or bots purchase large quantities of tokens, limiting access for the broader community and increasing risks. Such occurrences serve as warning signs about the project’s health, indicating that few individuals possess the token. Nonetheless, not all HAWK holders have opted to sell; as pointed out by user ZeusLFG, there remains a strong sense of optimism for the token.
At the time of writing, the token’s trading volume has surged dramatically by 951.67%, according to CoinMarketCap. While discussions continue, the Hawk Token is being closely monitored, with community members calling for further disclosures to validate claims and maintain vigilance over this project.
