Influencer Hailey Welch, widely recognized as the “Hawk Tuah” girl, has ventured into the cryptocurrency space with the launch of her new meme coin, Hawk Tuah (HAWK), on the Solana blockchain. This move comes as part of her strategy to leverage her internet fame. In an interview with Fortune, Welch clarified that the initiative is “not a cash grab” but rather an effort to engage and “tokenize” her fan base.
Despite this intention, concerns arose shortly after the coin’s launch, as several social media users reported filing complaints with securities regulators. Some critics went as far as labeling the project a scam. Within 24 hours, HAWK’s market capitalization soared to an impressive $490 million but subsequently fell sharply to approximately $29.1 million, reflecting a staggering decline of around 94%.
Reports indicated that a significant portion of the token’s supply—between 80% and 90%—was controlled by insiders and buyers who capitalize on initial coin offerings. One particular buyer managed to acquire 17.5% of the supply for roughly $993,000 and later sold for an astonishing profit of $1.3 million within just two hours.
Welch’s team maintains that they have not sold any tokens and that measures were implemented to prevent large-scale early purchases, including high initial transaction fees. Since she gained popularity in June through a viral YouTube video, Welch has diversified her ventures, launching a podcast named “Talk Tuah” and developing an AI-powered dating app called “Pookie Tools.”
The emergence of Welch in the cryptocurrency arena underscores the growing intersection of digital finance and social media influence. Despite the initial setbacks with HAWK, the situation could pave the way for greater regulatory scrutiny in the memecoin market and ultimately, a broader conversation around the responsibilities of influencers in the cryptocurrency space.
In summary, while the launch of HAWK has led to challenges, it also highlights an intriguing evolution in how influencers engage with their audiences in the realm of blockchain technology. With the right approach, this experience could lead to more transparency and innovation in future projects, fostering a more sustainable relationship between creators and their communities.