“Hawk Tuah” creator Hailey Welch launches chaotic crypto asset

Topline

Haliey Welch, the 22-year-old woman who shot to internet fame this summer with her viral TikTok video “Hawk Tuah,” launched her own memecoin in her latest bizarre career move, but its value plummeted almost immediately.

Welch rose to fame over the summer with her viral TikTok video “Hawk Tuah.” (Photo by Michael … (+) Tullberg/Getty Images)

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Important facts

Welch launched the Hawk Tuah coin — widely viewed as a memecoin, or a form of cryptocurrency typically created for entertainment purposes — on the Solana blockchain on Wednesday evening.

According to DexScreener data, Welch’s coin quickly reached a market cap of nearly $500 million before immediately plunging 95% to $25 million on Thursday afternoon.

According to DexScreener, the price of the coin was $0.002439 after 4:00 pm EST on Thursday afternoon, down from the high of $0.04916 on Wednesday evening.

The chaotic start appeared to result in big losses for some traders.

Coffeezilla, a crypto YouTuber with more than 3 million subscribers whose real name is Stephen Findeisen, said in a tense X-Space conversation with Welch and her team that the Hawk Tuah rollout was “one of the most miserable and terrible launches that I’ve ever seen.” They accused Welch and her team of insider trading, which they denied.

CoinTelegraph reported that about 80 to 90% of the Hawk Tuah supply was controlled by insiders or snipers – or companies that purchase large amounts of a coin’s supply upon its launch – citing blockchain data from Bubblemaps and DexScreener, though Welch said in a post on

Forbes has reached out to Welch’s management for comment.

tangent

Memecoins are cryptocurrencies that seek to capitalize on popular social media memes, including the highly prized Dogecoin and Pepe coins. However, memecoins are considered extremely volatile and risky by crypto investors because they are dependent on fluctuating social media trends.

Could Welch’s launch of Memecoin have legal implications?

After the Hawk-Tuah coin sparked backlash on social media, Burwick Law, a firm specializing in cryptocurrencies, posted on Still, it is unclear whether the crash will have any legal consequences, and there is no clear evidence of wrongdoing or one Illegality. Some critics have speculated – without evidence – that Welch’s coin was launched as part of a “pump-and-dump” scheme, in which the value of an asset, including a cryptocurrency, is quickly inflated and then sold, resulting in leads to a decline in value. The CFTC first cracked down on crypto pump and dumps in March 2021, charging two people with multiple counts of fraud for deceiving crypto investors and winning more than $2 million in such a scheme.

Important background

Over the summer, Welch gained internet fame after an interviewer filmed her for a TikTok video and asked, “Flexibility in bed drives a man crazy.'” The video went viral in June, prompting Welch to quickly release merchandise . She curated a popular social media presence, joining Instagram in July and posting pictures with celebrities like Matt Rife and JoJo Siwa. She joined country star Zach Bryan on stage at a concert in June and threw out the first pitch at a New York Mets game in August. Welch launched a podcast called “Talk Tuah” in September, which quickly gained popularity, at one point ranking as the fifth most popular podcast on Spotify’s daily charts, behind only Joe Rogan’s show. The podcast is owned by boxer and social media star Jake Paul’s company Betr. She has hosted guests such as Wiz Khalifa, Mark Cuban and Brooke Schofield on her podcast. Last month, Welch launched an AI-powered dating app called Pookie Tools, which includes a chatbot to help initiate conversations, dating app profile tips and date outfit recommendations.

Big number

2.6 million. This is how many Instagram followers Welch has, which indicates her rapid rise to internet fame.

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