22-year-old internet sensation known for her viral "Hawk Tuah" TikTok video, Haliey Welch, is facing criticism after her memecoin $HAWK crashed 91% post-launch amid allegations of insider trading and poor management.
Rapid Rise and Fall of $HAWK
Viral internet celebrity Haliey Welch has come under scrutiny following the catastrophic launch of her memecoin, $HAWK, on December 4 via the Solana blockchain. Despite initial success, the coin's value plummeted, raising concerns about insider activities and mismanagement.
Shortly after its launch, $HAWK surged to 900% of its original value, reaching a peak market cap of $490 million, according to Crypto Times. However, within hours, its value crashed by 91%, falling to $0.002439 from its Wednesday evening high of $0.04916, per DexScreener.
The crash has been attributed to insider wallets and snipers—entities that purchase large volumes of a coin at launch to sell during a peak publicity surge. Blockchain data analyzed by Bubblemaps and DexScreener revealed that 80–90% of $HAWK's supply was controlled by these groups, causing major price instability.
Criticism from the Crypto Community
Welch's team faced backlash from prominent voices in the crypto space. Stephen Findeisen, a crypto YouTuber known as Coffeezilla, criticized the $HAWK launch during a heated X (formerly Twitter) Spaces conversation, calling it “one of the most miserable, horrible launches I’ve ever seen.” He also accused Welch’s team of insider trading, a claim they denied.
In response to the allegations, Welch stated on X that her team had not sold any tokens and had “tried to stop snipers as best we could.”
However, the absence of clear evidence of illegality has left the controversy unresolved.
From Influencer to Crypto Controversy
Since gaining fame for her viral TikTok video, Welch has ventured into various projects, including launching a podcast and an animal charity. Her foray into cryptocurrency, however, marks a controversial chapter in her career.
Positioning herself as the “Queen of Memes,” Welch has publicly endorsed cryptocurrencies like Bitcoin and Dogecoin, aligning with her online persona. However, the $HAWK debacle has cast doubt on her ability to manage ventures in the highly volatile crypto market.
Legal and Ethical Implications
While the launch has raised questions about Welch's role and responsibility, there is no concrete evidence of legal wrongdoing. However, the fallout has sparked broader discussions about the risks of influencer-backed crypto projects and the need for greater oversight in such ventures. The $HAWK crash serves as a cautionary tale for traders and influencers alike, highlighting the volatility and potential pitfalls of the memecoin market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
