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Let’s talk about the hottest meme coin to crash the crypto party in the most chaotic way possible: HAWK. Inspired by Haliey Welch’s viral “hawk tuah” moment (if you don’t know what that is, Google it, but maybe not with the sound on loud), the HAWK token launched on Solana today. What started as a meme has quickly turned into a masterclass on how not to launch a coin.
🦅 A Quick Fly-By of the Backstory
Haliey Welch became a viral sensation this year with a clip that spawned countless memes. Her quirky “hawk tuah” soundbite turned her into an overnight internet celeb. Naturally, as one does in 2024, she pivoted from memes to crypto.
Enter HAWK, her very own Solana-based token, launched in partnership with overHere, a token launchpad. Promises were made: community empowerment, legal compliance, and a long-term vision to “protect her fans from scammers.” Admirable words. But the reality? It’s been more of a hawk dive than a hawk soar.
📉 The Chart Went Full $HAWK Dive
HAWK launched with a bang, hitting a market cap of $491 million within minutes. Then the selling started. Fast. By the end of the night, the market cap had plummeted to below $100 million. Turns out, as per Bubblemaps, over 90% of the supply is sitting in wallets linked to insiders. And they’re not holding. They’re selling.
Twitter sleuths uncovered wallet addresses allegedly tied to Welch and her associates dumping HAWK faster than a hawk spotting prey. The crypto community is now dubbing it “HAWK-rugged.”
🎤 Welch’s Statement Aged Like Milk
Before the chaos, Welch had assured everyone that her tokens were locked for a year and would vest over three years. “Launching my own token feels like the perfect next step — not just to create something meaningful for my fans but also to protect my community from scammers,” she said.
Well, those words now ring hollow. Community members are reporting losses as the token’s value continues to nosedive, and “protection” is the last thing anyone is feeling.
🌴 But Wait, There’s a Foundation!
HAWK is technically backed by a Cayman Islands foundation, with private investors who valued it at $34.5 million pre-launch. But crypto veterans will tell you: a fancy legal structure doesn’t mean squat if the team is busy rug-pulling. Still, at least there is a structure.
☠️ The Celebrity Token Curse Strikes Again
If you’ve been around the block(chain), you know how this story goes. Solana’s been the breeding ground for celebrity tokens all year, with most crashing and burning within hours. HAWK might’ve joined the meme coin game a little late, but it’s making up for it with a spectacular implosion.
💡 Lessons from the HAWKocalypse
- Do Your Research: Even if the token has a viral celeb behind it, don’t FOMO in without digging deeper.
- Team Transparency Matters: 90% of the supply in team-linked wallets? 🚩🚩🚩
- Memes Can’t Carry Market Caps: Unless there’s real utility, most meme coins fade as fast as they rise.
⚠️ The Final Takeaway of Hawk Meme Coin
HAWK is yet another cautionary tale in the wild west of meme coins. Sure, “hawk tuah” is fun, but in the crypto world, it looks like Welch’s token is just another “hawk took your money” moment.
Meanwhile, insiders are likely celebrating their payday, leaving her fans to figure out what went wrong. Another version is that Miss Welch has no idea of what is really going on under the hood of her token, being played by the team she trusted. 🦅
UPDATE (05/12/24)
Haliey’s team aired on Twitter Spaces, explaining what has actually happened. They denied that the team has sold any tokens and all the amount that was sold was done by meme coin snipers.
With meme coins, we know that most of them shoot up upon listing, then fall down harder than a brick as people don’t want to go long on them, and insiders sell. At the same time, comparing other recent meme coins like GIGA, to what happened to HAWK meme coin, the graph does look very different. Perhaps it is a function of Haliey’s popularity? We’ll let you decide who is right and who is wrong here.
Oh, Coffeezilla also joined the Spaces and let’s say, it was a heated conversation. Fast forward to minute 26.30.
HAWK TUAH MEME COIN UPDATE (06/12/24)
Feature image by Aliaksei Lepik
