A meme coin called HAWK, launched by viral influencer Haliey Welch, has stirred up quite a bit of drama. It quickly shot up in value, only to crash down just as fast, causing many investors to lose a lot of money.
Here’s what happened: HAWK launched on the Solana SOL/USD-based Meteora platform. At first, it reached a market value of nearly $425 million. But within five hours, it dropped to just $30 million, according to Dexscreener data. As of now, it’s sitting at around $48 million, which is still a 90% drop from its peak. This sudden decline has left many in the crypto community feeling outraged.
One user on X, who goes by the name JIGGA.5mbK, shared their frustration. They invested $35,000 in HAWK, only to see it shrink to $2,000 in just ten minutes. They said, “I’m a huge fan of Hawk Tuah, but you took my life savings.” They also raised concerns about insider trading, claiming that Welch didn’t mention plans to buy up 97% of the supply and sell it right away for profit.
Another well-known crypto investor, Beanie, echoed these accusations. He pointed out that insiders were hoarding most of the tokens and cashing out at the top. On-chain investigator Stephen Findeisen, known as Coffeezilla, criticized the launch as one of the most “miserable and horrible” ever. He questioned Welch and her team about the presence of both snipers and insider trading linked directly to trader accounts.
In response, Welch took to her X account to deny these claims. She stated that no free tokens were given to anyone from her team or influential figures in the crypto space. However, users quickly added a community note saying her team was actively selling the tokens they received.
Many victims are now seeking answers and considering legal action. One community note sarcastically remarked, “Hailey is lying and will likely have to 'talk tuah' judge about this.”
Welch became famous earlier this year for her catchy phrase “Hawk Tuah” during a street interview. The video went viral, racking up millions of views on TikTok and Instagram, which led to a surge of memes and parodies. Riding high on her newfound fame, Welch decided to enter the meme coin market. In an interview with Fortune, she claimed that the token was “not just a cash grab” and could be used for more than speculation. However, the launch hasn’t gone smoothly for her.