Influencer Hailey Welch, famously known as the “Hawk Tuah” girl, has made headlines with the launch of her new cryptocurrency, the Hawk Tuah (HAWK) meme coin, on the Solana blockchain. In an interview with Fortune, Welch emphasized that her project is intended as more than just a cash grab, aiming instead to “tokenize” her fan base.
Despite her intentions, the coin faced immediate backlash, with social media users alleging securities violations and even prompting some law firms to solicit clients. Critics quickly labeled the new venture a scam. Following the launch, HAWK initially soared to a market capitalization of $490 million but subsequently crashed by approximately 94%, settling at around $29.1 million.
Reports indicate that a significant portion of the token supply, estimated between 80% and 90%, is held by insiders and aggressive buyers who typically purchase large quantities when a new token is introduced. Notably, one investor managed to acquire 17.5% of the total supply for about $993,000, later reaping a profit of $1.3 million by selling a significant number of tokens within a mere two hours.
Welch’s team has refuted claims of wrongdoing, asserting that they haven’t sold any tokens and that they did not distribute free tokens to influential figures. They also mentioned efforts to mitigate the impact of snipers, who exploit token launches, by imposing high initial fees.
Following her rise to fame in June, attributed to a viral YouTube video, Welch has ventured into business, establishing her own company, hiring an agent, and launching merchandise. She also initiated a podcast titled “Talk Tuah” and released an AI-driven dating advice app called “Pookie Tools” in November.
Despite the rocky start of her cryptocurrency project, Welch remains a prominent figure in the influencer space, demonstrating remarkable resilience and innovation in her various endeavors. Her ability to pivot and adapt in a rapidly changing industry could set the stage for future successes, inspiring other creators to explore new ventures.
In summary, while Hailey Welch’s new cryptocurrency has drawn scrutiny and controversy, her journey reflects a broader trend among influencers to leverage their fame into entrepreneurial opportunities and innovative projects.