Hawk Tuah Girl’s Memecoin $HAWK Sparks Controversy Amidst Massive Crash
Haliey Welch, popularly known as Hawk Tuah Girl, has found herself at the center of a cryptocurrency controversy following the launch of her memecoin, $HAWK, on December 4. The coin initially surged to a remarkable market cap of $490 million, only to plummet by 91% within hours of its debut, leaving investors questioning the integrity of the launch.
According to reports from Crypto Times, the steep decline has been linked to actions of so-called ‘snipers’ – traders who quickly buy large quantities of a new token at launch, inflating its value, and sell immediately for profit. Early data revealed that 80 to 90 percent of $HAWK’s supply was allegedly held by a small number of wallets, raising suspicions of insider trading practices.
In response to the backlash, Welch stated on social media that her team did not allow insiders early access to the tokens, claiming, ‘Team hasn’t sold one token and no key opinion leader was given one free token.’ Despite her assertions, many critics challenged this narrative, producing evidence that suggested otherwise.
Additionally, Welch has expressed her intentions for the memecoin, stating, ‘I don’t see it as, like, a gambling thing. I think it’s, like, a fun way to get my fans to interact.’ However, her efforts to distance herself from the wave of negative feedback have proven challenging, with many fans feeling misled by the rapid depreciation of the coin’s value.
Legal experts are already speculating about potential lawsuits from disgruntled investors, as law firms are positioning themselves to represent those who may have been adversely affected by this crypto crash. The situation remains fluid, with many in the online cryptocurrency community watching closely as more information unfolds.
The controversy surrounding Hawk Tuah Girl’s memecoin serves as a stark reminder of the volatile nature of cryptocurrency investments and the importance of transparency in such rapidly evolving financial landscapes.
