Haliey Welch, the lady behind the viral “Hawk Tuah” video that was in every single place over the summer time, has gone from energy to energy since, rising an enormous social media following earlier than launching her personal podcast. But it surely looks like her luck within the public sphere might have run out.
On Wednesday, Welch adopted within the footsteps of celebrities like Iggy Azalea and Cardi B when she launched her personal memecoin, $HAWK. Inside minutes of the launch, although, issues began going fallacious. This is the way it all performed out.
What’s Haliey Welch’s $HAWK token?
Briefly, it is one other of the numerous memecoins on the Solana blockchain. Welch teased the launch in late November, mentioning presumably launching a memecoin on her podcast when interviewing businessman Mark Cuban, and sharing a thread on X (previously Twitter) from an organization known as overHere, who mentioned it was launching the token on her behalf.
“$HAWK isn’t just a Meme Coin, it’s a part of the culture,” reads the token’s description on overHere’s website. “Haliey is using her meme to unite her entire community. From: TikTok, Talk Tuah podcast listeners, merchandise buyers, and even her charity supporters. Hundreds of thousands of non-crypto users will be onboarded by $HAWK because Haliey is making it easy, fun, and engaging. If you love Haliey, you love memes. And $HAWK is where it all comes together.”
overHere’s unique X thread additionally acknowledged that $HAWK “isn’t just another token launch,” arguing that it will assist onboard non-crypto customers whereas placing transparency first.
Mashable Gentle Pace
So the place did all of it go fallacious?
What occurred with the $HAWK launch?
That chart…would not look nice.
Credit score: dexscreener.com
Shortly after $HAWK launched, Welch’s X publish was rapidly hit with a Neighborhood Be aware warning that 96 % of the token’s provide gave the impression to be owned by simply 10 related wallets. Wallets are nameless (a minimum of to an extent), however when such a big share of 1 token is owned by so few, the dangers are apparent — if these individuals begin promoting, the token’s worth can plummet.
As you’ll be able to see from the chart above by blockchain information analytics visualiser Bubblemaps, $HAWK spiked to a market cap of virtually $500 million simply minutes after its launch, earlier than dumping down simply as rapidly once more. On the time of writing the coin has a market cap of $36.6 million. Briefly, most individuals who purchased the coin in these opening hours have misplaced cash on it.
What has Haliey Welch mentioned about $HAWK?
Welch and the overHere crew tried injury management within the hours after the launch, saying that “Haliey’s team has sold absolutely no tokens whatsoever” and making an attempt to put the blame on snipers (individuals who use bots to rapidly purchase tokens on the most cost-effective value attainable). They launched “Hawkanomics” which seem to indicate that Welch’s tokens (10 % of the provision) are locked for 12 months.
All of them ultimately joined an X Areas to speak concerning the launch, which Welch left after an hour saying she was “gonna go to bed.” The overHere crew promised that they’re going to “come back tomorrow” and that they are not going wherever.
For the individuals who might have purchased the token shortly after it launched, although, solely to seek out its worth rapidly melting away as others bought it, that may not be a lot consolation.
