The Sudden Downfall of HAWK Memecoin: Plummeting from $500M to $60M in Minutes
On December 4, social media influencer Hailey Welch introduced her memecoin, Hawk Tuah, which saw a staggering decline in value from $500 million to $60 million within just 20 minutes of its launch.
Known online as the Hawk Tuah Girl, Hailey Welch launched her new memecoin, $HAWK, on the Solana network on December 4. The coin initially captured attention, reaching an estimated market cap of $500 million, only to crash to nearly $60 million shortly after. This dramatic fall was highlighted by Solana (SOL) in a post on X.
Who is the Hawk Tuah Girl?
Welch gained widespread attention as the “Hawk Tuah Girl” after a viral video featuring her amusingly making a comedic onomatopoeic spitting sound gained traction on social media earlier this year. This meme catapulted her from a low-wage job into the limelight of internet meme culture. Leveraging her newfound popularity, Welch went on to launch the HAWK token.
The Rise and Fall of the HAWK Token
The HAWK token faced an extraordinary drop of nearly 88%, reigniting conversations about the extreme volatility characteristic of the memecoin segment within cryptocurrency. Some analysts speculate that the token’s launch was intended for a rug pull, a fraudulent practice where developers withdraw liquidity or abandon the project, leading to a sharp decline in token value.
Posts from the community on X suggest that the supply of the Hawk token was “sniped” right after its launch, a term that describes the act of early investors or automated bots acquiring large quantities of tokens, limiting access for other participants and increasing risks for the broader community. Such incidents can indicate the project’s health, as they suggest a small group holds a significant amount of the tokens. Nonetheless, some holders are still optimistic, as shown by a user named ZeusLFG, who shared a positive outlook on the token’s future.
As of the most recent update, the token’s trading volume has skyrocketed by 951.67%, as reported by CoinMarketCap. While the discussions continue, the Hawk Token remains under observation, with community members calling for enhanced transparency to substantiate claims and closely monitor the project’s development.