The Abrupt Collapse of HAWK Memecoin: From $500M to $60M in Minutes
On December 4, Hailey Welch, a social media influencer, launched her own memecoin, Hawk Tuah, which experienced a drastic drop in value from $500 million to $60 million in a mere 20 minutes following its debut.
Known as the Hawk Tuah Girl online, Hailey Welch rolled out her new memecoin, $HAWK, on the Solana network on December 4. The coin initially gained traction, achieving an approximate market cap of $500 million before plummeting to nearly $60 million shortly afterward. This shocking decline was confirmed by Solana (SOL) in a post on X.
Who is the Hawk Tuah Girl?
Welch became widely recognized as the “Hawk Tuah Girl” after a viral video showcasing her making a comedic onomatopoeic spitting sound went viral on social media earlier this year. This meme propelled her from a minimum wage position into the spotlight of internet meme culture. Taking advantage of her newfound fame, Welch launched the HAWK token.
The Rise and Fall of the HAWK Token
The HAWK token witnessed an astonishing decline of nearly 88%, reigniting discussions about the extreme volatility prevalent in the memecoin sector of cryptocurrency. Some observers believe that the token was launched with intentions for a rug pull, a scam technique where developers withdraw liquidity or abandon the project, resulting in a significant drop in token value.
Community posts on X indicate that the supply of the Hawk token was “sniped” right after its launch, a term referring to the practice where early investors or automated bots acquire large amounts of tokens, restricting broader access and heightening risks for other community members. Such occurrences can reflect the project’s health, as they imply that a small group of individuals holds a substantial share of the tokens. Nevertheless, some holders remain hopeful, as demonstrated by a user named ZeusLFG, who expressed optimism about the token’s future.
As of the latest update, the token’s trading volume has surged by 951.67%, according to CoinMarketCap. While discussions are ongoing, the Hawk Token remains under scrutiny, with community members advocating for greater transparency to validate claims and closely observe the project’s progression.
