Haliey Welch, widely recognized as the “Hawk Tuah Girl” following her viral internet fame, recently ventured into the cryptocurrency market with the launch of her meme coin, $HAWK, on December 4, 2024. The coin experienced a meteoric rise, reaching a market capitalization of $490 million shortly after its debut. However, within hours, it suffered a dramatic decline of 91%, plummeting to a valuation of $41.7 million.

The abrupt downturn has led to widespread allegations of insider trading and a “pump-and-dump” scheme. Data analysis from platforms like Bubblemaps and Dexscreener revealed that a small number of wallets controlled between 80% to 90% of $HAWK’s supply at launch, suggesting potential manipulation.

In response to the backlash, Welch stated on X (formerly Twitter) that her team had not sold any tokens and that no key opinion leaders were given free tokens. She emphasized efforts to mitigate “sniping” by implementing high initial fees during the launch on the Meteora platform.

Despite these assertions, the crypto community remains skeptical. Notable figures, including crypto journalist Coffeezilla, have criticized the tokenomics of $HAWK, labeling the project as a scam and accusing Welch’s team of generating significant fees while investors suffered losses.

The controversy has also attracted legal scrutiny. Law firm Burwick Law has invited affected investors to explore their legal rights, indicating potential legal action against those responsible for the coin’s collapse.

This incident serves as a cautionary tale about the volatility and risks associated with meme coins, especially those launched by internet personalities without a solid foundation or clear utility. Investors are advised to conduct thorough due diligence and exercise caution when engaging with such speculative assets.

You can see the intro of the Meme coin of Haliey Welch one her X profile

Hawk is live!!!

HAWKThXRcNL9ZGZKqgUXLm4W8tnRZ7U6MVdEepSutj34 pic.twitter.com/9GFgYwpeFA

— Haliey Welch (@HalieyWelchX) December 4, 2024