The Sudden Fall of HAWK Memecoin: Plummeting from $500M to $60M in Minutes
On December 4, Hailey Welch, a social media influencer, introduced her own memecoin, Hawk Tuah, which saw its value plummet from $500 million to $60 million within just 20 minutes of its launch.
Known online as the Hawk Tuah Girl, Hailey Welch debuted her new memecoin, $HAWK, on the Solana network on December 4. Initially, the coin surged in popularity, reaching a market cap of approximately $500 million before crashing to nearly $60 million shortly thereafter. This dramatic turn of events was confirmed by Solana (SOL) through a post on X.
Who is the Hawk Tuah Girl?
Welch gained notoriety as the “Hawk Tuah Girl” when a viral video of her making a humorous onomatopoeic spitting sound circulated on social media earlier this year. This meme catapulted her from a minimum wage job into the realm of internet meme culture. Capitalizing on her newfound fame, Welch launched the HAWK token.
The Rise and Fall of the HAWK Token
The HAWK token experienced a staggering drop of nearly 88%, sparking renewed discussions about the extreme volatility associated with memecoins in the cryptocurrency space. Some observers contend that the token was created for a rug pull, a type of scam in which developers withdraw liquidity or abandon the project, leading to a drastic fall in token price.
Community posts on X suggest that the supply of the Hawk token was “sniped” immediately after its launch, a term used to describe the practice where early investors or automated bots acquire large quantities of tokens, limiting broader access and increasing risks for the rest of the community. Such situations can indicate the health of a project, as they suggest that few individuals own a significant portion of the tokens. Nonetheless, some holders remain optimistic, as evidenced by a user named ZeusLFG, who shared a positive outlook for the token.
As of the latest update, the token’s trading volume has skyrocketed by 951.67%, according to CoinMarketCap. While discussions continue, the Hawk Token is under ongoing scrutiny, with community members calling for more transparency to verify claims and closely monitor the project’s developments.