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Haliey Welch, the social media influencer better known as “Hawk Tuah Girl,” launched her own cryptocurrency – which briefly surged in value only to crash in a matter of hours.
Welch, 22, skyrocketed to overnight fame earlier this year after an off-color comment that she made during an X-rated interview in Nashville went viral on social media. She has capitalized on her viral moment by launching a merchandise line and a podcast.
The “HAWK” crypto “memecoin” hit a $490 million market cap shortly after its launch late Wednesday, Cointelegraph reported, citing data from DexScreener.
Within three hours, the coin had plunged 91% and carried a valuation of just $41.7 million.
Data from Blockchain analysis site Bubblemaps showed that a small number of crypto wallets controlled the vast majority of the available supply of “HAWK.”
That fueled criticism on social media about so-called “snipers” – or investors that buy up vast quantities of new meme tokens at launch.
After the launch, Welch said on X that her team had “tried to stop snipers as best we could through high fees in the start of launch” and said her insiders on the crypto project hadn’t “sold one token” of HAWK.
In an interview with Fortune, Welch said the memecoin was “not just a cash grab.” She admitted that she used to view cryptocurrency as “just a scam” and an “easy way for you to lose money” but said she has since changed her mind.
“I don’t really see it as, like, a gambling thing,” Welch said. “I think it’s, like, a fun way to get my fans to interact.”
Stephen “Coffeezilla” Findeisen, a popular crypto YouTuber, was among those who criticized Welch’s token launch and warned the public to stay away.
“Memecoins always benefit A) insiders B) trading bots,” Coffeezilla wrote on X. “Don’t be exit liquidity.”
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