World
December 6, 2024 19:00
tennessee - Haliey Welch, known as the 'Hawk Tuah' girl, launched her own cryptocurrency this week in an attempt to keep the hype around her viral video alive, but the coin crashed completely after a few hours.
Haliey Welch became world famous after a twelve-second video. The 22-year-old blonde from Tennessee is better known as the 'Hawk Tuah' girl. In the video, when asked 'What move drives a man crazy in bed?' by content creators, Welch responded with, 'Oh, you have to 'hawk tuah' and spit on that thing, you understand?' For clarification, 'hawk tuah' is an onomatopoeia for spitting and 'that thing' refers to a penis.
Welch immediately became a hit on social media. Overwhelmed by her sudden fame, the girl, who worked in a local factory, initially tried to stay out of the limelight. However, she soon embraced the influencer lifestyle by releasing merchandise, launching a podcast, and making appearances here and there.
Now, Welch is trying to enjoy her 15 minutes of fame for as long as possible. Therefore, the influencer, who has gathered 2.4 million followers on Instagram, decided to launch a meme coin. Meme coins, such as Dogecoin, are based on memes and viral moments and are often viewed as unstable and risky due to price volatility.
Unfortunately, the launch of the HAWK coin went wrong. Welch launched the coin on the Solana blockchain for 0.005492 each, and the price quickly skyrocketed. At one point, the coin surged by 900 percent, reaching a total market value of $490 million. However, the celebration was short-lived as the coin plummeted hours later.
Online accusations surfaced, alleging Welch of a pump & dump scheme. In such scenarios, large quantities of coins are bought at a low price, heavily promoted, and then sold at a much higher price, often involving insiders who profit from this strategy. Reportedly, insiders had control of up to 90 percent of Welch's cryptocurrency at one point.
Despite denying any insider trading, Welch faces strong backlash and defends her foray into the crypto world on social media. She claimed the coin launch was not solely for profit, stating, 'I don't see it as gambling. I think it's a fun way to connect my fans with each other.' Her manager confirmed that Welch owns 10 percent of the coin and is prohibited from selling it in the first year.
Nevertheless, there is discontent surrounding the Hawk Tuah girl's cryptocurrency saga. Many investors are upset about the coin's crash, but concrete evidence of a pump & dump operation is currently lacking. It remains to be seen if the HAWK launch will lead to legal consequences. A complaint has been lodged with the US Securities and Exchange Commission, as reported by The Independent. The potential for further complaints is uncertain.