The emergence of memecoins in 2024 has taken an unexpected twist with the introduction of HAWK, a fresh token on the Solana [SOL] blockchain inspired by the internet sensation Haliey Welch.
Famous for her distinctive catchphrase and sudden rise to stardom earlier this year, Welch has since developed a brand empire, complete with a merchandise line and podcast featuring prominent figures like Mark Cuban.
Stepping into the realm of cryptocurrency, Welch envisions HAWK as a tool to transform the public’s perception of digital currency and not merely to promote speculation.
Despite this vision, uncertainties persist regarding the token’s purpose and value, as her manager, Jonnie Forster, evades questions concerning its legal foundation.
Addressing the situation, Forster stated to Fortune,
“We are wary of violating securities regulations. We might say that we are essentially tokenizing Haliey’s fan base.”
The Hawk Cryptocurrency Controversy
Haliey Welch, famously known as the “Hawk Tuah” girl after her viral interview in June with street YouTubers, has encountered swift criticism following the release of her memecoin, $HAWK.
While Welch gained prominence for her humorous demeanor, her foray into cryptocurrency has left investors dissatisfied.
This was evident as the token’s worth plummeted by more than 90% within hours of its launch, disappointing the crypto community and casting doubt on the project’s sustainability.
For those unfamiliar, initially priced at $0.005492, $HAWK surged by over 900% in value on 4th December, according to DEXScreener.
Nevertheless, the enthusiasm was short-lived as HAWK’s value dropped by 91% within a brief period.
Response from the Community
Unexpectedly, the rapid fluctuations presented opportunities for certain traders, with data indicating that one individual offloaded over 135 million HAWK tokens, purportedly earning $1.3 million in a single transaction.
Delving deeper into the issue, a community disclosure on one of Welch’s X posts alleged,
“96% of the $HAWK supply is concentrated in 10 linked addresses prior to the launch.”
As anticipated, Welch maintained that her team did not sell any HAWK tokens, yet blockchain records suggest otherwise.
However, the community disclosure ridiculed the statement and mentioned,
“Hailey is being untruthful and may have to ‘address the judge’ regarding this matter.”
Despite this, Welch and her manager reinforced that HAWK’s memecoin emphasizes aspects beyond valuation, despite potential scrutiny from the SEC.
And, in a rather straightforward manner, Welch aptly summarized it by saying,
“I don’t view it as a form of gambling. I believe it’s a fun way to engage with my fans.”