The dark side of meme coins – Hawk Tuah Coin crashes – Coincierge.de

Meme coins and celebrities, stars and starlets are not always the best combination. In fact, many of the coins that were launched with rapid inflation, especially in the summer of this year, later turned out to be scams and/or rug pulls. In short, one can say that the balance sheet is also catastrophic.
After the crash of JENNER (Caitlin Jenner’s meme coin), DADDY (Andrew Tate’s coin), JASON (Jason Derulo’s coin) and numerous “celebrity tokens” now the “Hawk Tuah” girl Haliey Welch wanted one bring your own meme coin onto the market – and of course do everything differently and, above all, do it better.

HAWK a rug pull?

With a Tik Tok video that went viral, the influencer Haliey Welch became famous overnight as the “Hawk Tuah” Girl and essentially became a living meme. She has been a guest on radio and TV shows, has her own podcast (Talk Tuah) and of course also launched merch with Hawk Tuah lettering. It makes sense to crown your great success with your own cryptocurrency. Haliey Welch probably wanted to add this point to her biography and launched the HAWK token on Solana on December 4th. The HAWK is a classic meme coin, without any utility, which is only driven by its community and is purely an object of speculation. Shortly after launch, HAWK rose over 900% and quickly reached a market cap of $490 million. Within a few hours the coin plummeted by over
90% down to $40 million. YouTuber Coffeezilla said that the coin’s ICO was one of the most horrific ones he had ever seen.

Influencer acts clueless

Around 96% of the HAWK supply is said to be held in 10 interconnected wallets. After launching, these wallets gradually sold their coins. A wallet that held about 17.5% of the token sold the HAWK within 90 minutes. Hailiey Welch and her team deny that the coin is a scam. The influencer posted on By the way, Coffeezilla also confronted this during the live conversation on Spaces, as did other people from the X-Krypto-Space. By the way, the YouTuber was muted after a while. Welch also posted on X that she and her team had tried to stop Sniper by charging high fees to launch the HAWK. The interesting thing is that these fees apparently also went to Welch the Foundation that founded them.

Copy and Paste:

Hawkanomics:

The team did not sell a single token and not 1 KOL received 1 free token

We tried to stop snipers as much as possible by charging heavily at the start of launch @MeteoraAG

The fees have now been abolished pic.twitter.com/E7xN9VmCrx

— Haliey Welch (@HalieyWelchX) December 4, 2024

Data from Dexscreener and Solana block explorer Solscan indicate more than 80 wallet addresses that did not appear to have purchased the token. This suggests that these wallets have already been assigned their HAWK token before the official launch. What’s worth noting is that all of these addresses sold their holdings for profit, earning between $10,000 and $365,000. The debacle surrounding the HAWK is unlikely to remain entirely without consequences for Haylie Welch and her team. A law firm specializing in cryptocurrencies is urging investors to come forward if they have lost money with the meme coin. In addition, authorities such as the SEC and the CFTC could also be interested in the case.

Last updated on December 6, 2024

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