Haliey Welch’s $HAWK Memecoin: A Controversial Debut and Rapid Decline 🚀
Recently, Haliey Welch, also recognized as the “Hawk Tuah Girl,” introduced a meme-based cryptocurrency called $HAWK. This coin quickly became embroiled in controversy after it reportedly experienced a massive drop in value due to alleged manipulative tactics, significantly impacting her followers.
In a surprising turn of events, the $HAWK cryptocurrency plummeted by 90% within a mere 20 minutes of being listed, leading to substantial losses for many enthusiasts. In stark contrast, Welch reportedly pocketed around $50 million from her engagement in what some are calling insider trading. The frenzy surrounding this currency even made its way to Polymarket, where speculative bets about its future value were rampant. Let’s delve into the specifics surrounding this situation.
The Introduction of $HAWK by Haliey Welch 🎉
On a Wednesday recently, TikTok influencer Haliey Welch launched her meme-based cryptocurrency, $HAWK. Prior to this event, she had teased the token during a podcast episode of Talk Tuah alongside billionaire Mark Cuban, which garnered considerable attention.
The $HAWK cryptocurrency was initially distributed to select followers via Web3 Launchpad and OverHere platforms prior to its official launch on the Solana blockchain. It made its trading debut primarily on decentralized exchanges, such as Raydium, where most of the transactions occurred.
This new digital token lacks any real utility in the cryptocurrency space and was introduced mainly as a method for Welch to interact with her fan base. Although details remain vague, her management team noted that those holding the token would have the chance to communicate directly with Welch.
Welch herself characterized the token as a “really good thing,” positioning it not just as a traditional financial investment. With a substantial following of 2.5 million on Instagram and 400,000 on Twitter, the launch received significant media exposure, amplifying interest in $HAWK.
To enhance trust in the token’s integrity, she claimed that her personal coins would remain locked for a year, preventing her from selling them during this period.
Market Collapse: $HAWK Crashes and Claims of Rugpull 🥴
The debut of $HAWK was marked by an astonishing surge of 900% in its initial moments, but that was shortly followed by a dramatic market crash. Within just five minutes of launching, the coin reached an astonishing market valuation of $490 million, but this boom was fleeting.
After experiencing initial gains, the price of $HAWK began to decrease sharply, raising concerns about possible insider trading. Within hours, the coin had lost an astonishing 90% of its value, leaving it with a market capitalization of only $60 million.
Many accused Haliey Welch of orchestrating a rugpull against her supporters, although she has firmly rejected such claims. Welch and her team have argued that they did not sell any coins and were focused on mitigating “sniper” trades—transactions made by opportunistic traders looking to capitalize on quick price shifts.
Additionally, the OverHere team, responsible for the public sale, stated there had been no instances of rugpulling or market manipulation. However, analyses indicated that multiple wallets acquired vast amounts of $HAWK soon after the token contract was established.
About ten wallets, presumably linked to Haliey Welch, controlled 80% to 90% of the token’s total supply, with one of those wallets allegedly cashing out $1.3 million worth of $HAWK.
Experts are debating whether this constitutes a classic “pump and dump” scheme, wherein the asset’s value is artificially inflated for a brief period before being sold off quickly. Even with the pseudo-anonymity of blockchain transactions, there’s increasing skepticism regarding the legitimacy of Haliey’s actions.
Speculation Ensues: HAWK on Polymarket 🔮
As the fallout from the rugpull story continued, the spectacle shifted to Polymarket, where people began placing bets on $HAWK’s future valuation. Investors speculated on what the Fully Diluted Value (FDV) of the coin would be just a day following its launch, with various options for predicting its worth.
Available choices ranged from less than $10 million to more than $30 million. Participants could place bets on “yes” or “no” regarding these predictions, with odds fluctuating based on market demand.
As the hours ticked by post-launch, $HAWK’s price dropped significantly below the $30 million mark. Just before the betting deadline, it seemed highly likely that it would settle under this threshold due to the preceding rugpull activity.
Interestingly, several traders attempted to artificially inflate the token’s valuation by collaborating on Polymarket to push the price above the key $30 million milestone. Their efforts paid off, and within ten minutes, the price jumped from $25 million to above the target, altering the bet’s outcome altogether.
Ultimately, the “yes” option won, but this event sparked discussions about the potential for manipulation within the market. Some traders emerged victorious with substantial profits, while others faced significant losses, illustrating the unpredictable nature of Polymarket activities.
This incident has raised many questions about the integrity of the trading environment and investment practices moving forward.
For sources, see: Twitter, Polymarket.
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