Social media sensation Haliey Welch, better known as the “Hawk Tuah Girl,” made her cryptocurrency debut with the launch of HAWK, a new memecoin that quickly turned into a financial disaster. The coin skyrocketed to a $490 million market cap shortly after its launch but lost 91% of its value within just three hours, fueling controversy in the crypto community.
HAWK Coin’s Meteoric Rise and Fall
Welch, 22, became an internet phenomenon earlier this year after a viral interview in Nashville propelled her to fame. Leveraging her online stardom, she launched a merchandise line, a podcast, and now, a cryptocurrency.
The HAWK token debuted late Wednesday, with an initial surge that briefly placed its valuation at nearly half a billion dollars. However, the excitement was short-lived—within hours, the coin plummeted to just $41.7 million, according to data from DexScreener.
Crypto “Snipers” & Concerns Over Market Manipulation
A Blockchain analysis from Bubblemaps revealed that a small number of wallets controlled most of the HAWK supply, sparking accusations of market manipulation. Critics pointed to the role of so-called “snipers”—investors who buy up large quantities of newly launched memecoins to drive up prices before cashing out, leaving everyday investors with heavy losses.
Welch responded to the backlash on X (formerly Twitter), stating that her team had “tried to stop snipers as best we could through high fees at the start of launch” and insisted that insiders in the project “hadn’t sold one token” of HAWK.
Is HAWK a “Cash Grab”? Welch Defends Her Crypto Move
Despite the rapid crash, Welch defended her venture in an interview with Fortune, denying accusations that HAWK was a quick money-making scheme.
“I don’t really see it as, like, a gambling thing,” Welch explained. “I think it’s, like, a fun way to get my fans to interact.”
However, her comments have done little to quell skepticism. Popular crypto investigator Stephen “Coffeezilla” Findeisen publicly criticized the launch, warning the public to stay away from HAWK and calling attention to the volatility of influencer-backed cryptocurrency projects.
The Risks of Influencer-Driven Crypto Projects
Welch’s HAWK coin debacle follows a growing trend of social media influencers launching cryptocurrencies, often leading to high-risk speculation and market manipulation concerns. The incident serves as yet another cautionary tale for investors navigating the volatile world of memecoins and celebrity-backed digital assets.
With HAWK’s value now decimated, the future of Welch’s crypto ambitions remains uncertain. Will she attempt to revive the project, or will HAWK join the long list of failed influencer coins?