Hawk Tuah’ Creator Haliey Welch Slammed After Memecoin Crash Sparks Outrage

Hawk Tuah’ Creator Haliey Welch Slammed After Memecoin Crash Sparks Outrage.

Haliey Welch, a 22-year-old who shot to internet stardom this summer with her viral “hawk tuah” TikTok, has now taken a wild turn in her career by launching her own memecoin. Unfortunately, its value took a nosedive almost right after it launched.

Welch introduced the Hawk Tuah coin on the Solana blockchain Wednesday night, and it's mostly being viewed as a memecoin—basically a type of cryptocurrency made for fun.

Initially, the coin skyrocketed to a market cap of almost $500 million, but then it took a nosedive, dropping 95% to just $25 million by Thursday afternoon, based on DexScreener data.

As of Thursday afternoon after 4 p.m. EST, the coin was priced at $0.002439, down from a peak of $0.04916 the previous evening, according to DexScreener.

This wild launch seems to have caused significant losses for some traders.

Crypto YouTuber Coffeezilla, who has over 3 million subscribers and goes by Stephen Findeisen, called the Hawk Tuah launch “one of the most miserable, horrible launches I’ve ever seen” during a heated conversation on X with Welch and her team, accusing them of insider trading, which they denied.

CoinTelegraph shared that around 80 to 90% of the Hawk Tuah supply was held by insiders or snipers—those who buy up a big chunk of a coin's supply right at launch. They referenced blockchain data from Bubblemaps and DexScreener. However, Welch mentioned in a post on X that her team hadn't sold any tokens and they did their best to prevent snipers from getting in.

What Are “Memecoins”

Memecoins are a type of cryptocurrency that try to ride the wave of popular memes on social media, like the well-known Dogecoin and Pepe coin. However, crypto investors often see memecoins as super volatile and risky since their value can swing wildly based on changing social media trends.

RELATED: Bitcoin Hits $100K: What Comes Next for Crypto?.

Could Welch’s Memecoin Launch Lead to Legal Issues?

Burwick Law, a cryptocurrency-focused firm, took to X after the Hawk Tuah coin faced a wave of criticism online. They encouraged anyone who lost money on the memecoin to get in touch and find out about their legal options. However, it’s still uncertain if the coin's drop will lead to any legal action, and there’s no solid proof of any illegal activity.

Some critics have speculated—without any evidence—that Welch’s coin might have been part of a “pump and dump” scheme, where the asset's value is artificially boosted before being sold off, leading to a crash. The CFTC started targeting these crypto pump and dump schemes back in March 2021, charging two people with multiple fraud counts after they tricked investors and made over $2 million from one such operation.

What is Haliey Welch’s Background?

Welch shot to internet stardom this summer when a street interviewer caught her on camera for a TikTok video. When asked about the “move in bed that makes a man go crazy,” she replied, “you gotta give him that ‘hawk tuah.’” The clip blew up in June, leading her to quickly drop some merch. She built a strong social media following, hopping on Instagram in July and sharing snaps with celebs like Matt Rife and JoJo Siwa. In June, she even joined country star Zach Bryan on stage at a concert and tossed the first pitch at a New York Mets game in August.

Welch kicked off her podcast, “Talk Tuah,” in September, and it took off fast, even hitting the fifth spot on Spotify’s daily podcast charts, right behind Joe Rogan. The show is backed by Jake Paul’s company, Betr, which is known for his boxing and social media presence. She’s had some big names on the podcast, like Wiz Khalifa, Mark Cuban, and Brooke Schofield. Just last month, Welch also rolled out an AI-driven dating app called “Pookie Tools,” featuring a chatbot that offers conversation starters, tips for dating profiles, and outfit suggestions for dates.

Haliey Welch, with over 3 million Instagram followers, has proven her ability to captivate audiences and adapt to opportunities. From her viral “hawk tuah” TikTok moment to her ventures in podcasting, tech, and now cryptocurrency, Welch exemplifies the spirit of a modern influencer-entrepreneur.

Despite the challenges with her Hawk Tuah memecoin, Welch remains undeterred, leveraging her platform for growth and innovation. Her successful "Talk Tuah" podcast, AI dating app "Pookie Tools," and collaborations with major figures showcase her ambition and creativity. Welch’s dynamic journey reflects her potential to thrive and evolve in an ever-changing digital landscape.