Haliey “Hawk Tuah Girl” Welch, a prominent influencer and podcast host, has found herself at the center of controversy following the disastrous launch of her cryptocurrency, Hawkcoin. The coin debuted just yesterday, on December 4, and quickly saw its market value plummet from an initial $490 million to approximately $28 million within hours, marking a decline of nearly 95 percent.
The rapid collapse has led to widespread speculation that the launch was part of a pump-and-dump scheme, a practice in which the price of an asset is artificially inflated before being sold off at a profit. However, Welch has firmly denied these allegations, asserting that all activities related to the coin were conducted transparently. In her defense, she attributes the crash to “snipers” — investors who buy vast amounts immediately upon launch and then sell off quickly to capitalize on any temporary gains.
Welch has stated, “Team hasn’t sold one token and not 1 KOL was given 1 free token,” emphasizing her team’s commitment to ethical practices in the cryptocurrency landscape. In attempts to safeguard the launch, they implemented high transaction fees aimed at deterring quick sells.
Adding to the chaos, it has been reported that an individual lost $1.4 million after attempting to switch funds from another coin, MOODENG, to Hawkcoin, only to face significant losses when trying to reverse the transaction.
This incident serves as a harsh reminder of the volatile nature of cryptocurrencies, particularly memecoins, which can attract rapid investments but are just as prone to swift declines. Even amidst the turmoil, there’s a chance for learning and improvement in investor education, ensuring that newcomers to the crypto space are aware of the risks involved.
Despite this setback, hope remains for Welch and her future endeavors as she continues to engage her audience and navigate the complexities of the cryptocurrency market. The cryptocurrency world is rife with opportunities for growth, and with the right strategies, Welch can potentially rebuild her reputation and regain trust. Readers can stay tuned for developments regarding Hawkcoin and Welch’s other projects.