Haliey Welch, widely known online as the “Hawk Tuah Girl,” has risen to fame this summer through a viral street interview where she shared explicit sex advice. Since then, she has established herself as an influencer by launching a podcast and an animal charity. While her online presence has allowed her to capitalize on her newfound fame, it has also led to some questionable endorsements, including her support for X (formerly Twitter), Elon Musk, and Tesla’s Cybertruck.
Welch has ventured into the cryptocurrency space as well, touting investments in Bitcoin and Dogecoin, the latter of which she was drawn to due to Musk’s backing. In a rather bold move, she and her team recently launched a new cryptocurrency named $HAWK on the Solana blockchain. Despite initial claims of compliance with securities laws, skepticism arose over their intentions.
On its launch day, $HAWK’s value surged by 900%, achieving a market cap close to half a billion dollars. However, this spike was short-lived, as the coin’s price soon plummeted by approximately 95%, leading to significant losses for retail investors. This rapid decline sparked allegations of the project being a pump-and-dump scheme, a fraudulent process where hype is used to inflate prices before insiders pull out their investments, leaving others with worthless tokens.
Notably, blockchain analysis indicated that a staggering 96% of $HAWK was controlled by a small number of related wallets, suggesting a lack of genuine distribution to the general public. During a live discussion meant to address concerns over the cryptocurrency, Welch’s responses were minimal, allowing her crypto partners to take the lead. When questioned by prominent YouTuber Coffeezilla regarding the project’s mismanagement, Welch seemed unprepared for the scrutiny, indicating a lack of understanding of the complexities involved in cryptocurrency ventures.
The fallout didn’t just affect Welch’s reputation but also that of her audience. As newcomers to crypto were particularly hard hit by the rapid depreciation of $HAWK, many filed complaints with the Securities and Exchange Commission, and a law firm has started advertising its services to those affected.
Interestingly, following the negative press around $HAWK, a new “revenge coin,” called $TUAH, has emerged, humorously tying into Welch’s situation. This coin aims to surpass $HAWK’s market cap, fueled by memes depicting Welch in a comical prison scenario.
While the situation highlights the risks of influencer involvement in cryptocurrency, it also serves as a cautionary tale for both fans and aspiring crypto enthusiasts. The hope is that Welch will take accountability for her actions, acknowledging the potential implications of her foray into the cryptocurrency landscape.
As you consider the high volatility inherent in cryptocurrencies and the importance of doing thorough research before investing, it’s crucial to approach such projects with due diligence. With the crypto market’s rapid shifts, education and awareness can empower individuals to make informed decisions, minimizing the risk of falling victim to schemes and losses.