Influencer Haliey Welch, better known as the “Hawk Tuah” girl, has launched her latest attempt to capitalize on her fame: a cryptocurrency.

On Wednesday, Welch started the meme coin Hawk Tuah (HAWK) on the Solana (SOL+1.07%) Blockchain that they Fortune said before the debut “is not a money grab.” Memecoinslike HAWK, are cryptocurrencies based on viral memes, trends and pop culture references, like Dogecoin and Pepecoin.

“We don’t want to violate securities laws,” Welch’s manager Jonnie Forster told Fortune. “We would say that we almost symbolize Hailey’s fan base in a way.”

However, within 24 hours of launching social media users claims to have at least filed complaints with securities regulators a law firm started gaining customers and the meme coin was labeled a scam by critics.

According to it, the meme coin rose to a peak market cap of $490 million before crashing and reaching $29.1 million at the time of publication DexScreener data. That’s a decrease of about 94%.

As previously reported by CointelegraphBetween 80% and 90% of the token supply was controlled by a combination of insider wallets and snipers, companies that buy up large amounts of the supply when a token is launched. One wallet bought 17.5% of the memecoin supply for about $993,000 at launch and later sold 135.8 million tokens for a profit of $1.3 million within two hours.

Welch’s team has said They did not sell any tokens or give any free tokens to any key opinion leader, adding that they “tried to stop snipers as much as possible” by charging high initial fees.

Since it went viral in June, thanks to a Video posted on YouTube From creators Tim Dickerson and DeArius Marlow, Welch formed a company, hired an agent and began selling merchandise and paid appearances. In August, she launched a podcast called “Say Tuah“, followed by a dating advice app with artificial intelligence started in November called “Pookie Tools.”