Hayley Welch, girl in the back Viral “Hawk Tuah” video It was everywhere over the summer, but has gone from strength to strength since then, gaining a huge social media following even before. launch her own podcast. However, her luck in public life seems to have run out.
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On Wednesday, Welch followed in the footsteps of celebrities like Iggy Azalea and Cardi B by launching her own meme coin, $HAWK. However, within minutes of launch, things started to go wrong. Here are the results:
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What is Haliey Welch’s $HAWK token?
In short, it’s another Numerous meme coins on the Solana blockchain. Welch mentioned the possibility of launching a meme coin in late November, teasing the launch. on her podcast In an interview with businessman Mark Cuban, who shared a thread on X (formerly Twitter) about a company called overHere, he said the company was issuing tokens on her behalf.
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“$HAWK is more than just a meme coin, it’s part of the culture.” Read token description It’s on the overHere site. “Haley uses memes to unite the entire community. Posted by: TikTok, Talk Tua Podcast listeners, product buyers, and even supporters of her charity work. Hundreds of thousands of non-crypto users will join $HAWK because Haliey makes it easy, fun, and engaging. If you love Hailey, you’ll love the meme too. $HAWK is where it all comes together. ”
Also the original X thread from overHere said $HAWK is “more than just a token launch,” he said, claiming it will help onboard non-cryptocurrency users. Transparency first.
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So where did it all go wrong?
What happened at $HAWK’s launch?
That graph…isn’t very good.
Credit: dexscreener.com
Shortly after $HAWK launched, Welch’s X post was immediately flagged with a warning in a community note: 96 percent of the token supply appeared to be owned by just 10 connected wallets. Although wallets are anonymous (at least to some degree), the risks are obvious when a large percentage of one token is owned by a small number of people. If these people start selling, the value of the token could plummet.
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As you can see in the graph above from blockchain data analytics visualizer Bubblemaps, $HAWK skyrocketed to a market cap of around $500 million within minutes of its launch, before falling just as quickly again. At the time of writing, the coin has a market capitalization of $36.6 million. This means that most people who bought coins during those business hours ended up losing money on them.
What does Hayley Welch say about $HAWK?
Welch and the overHere team attempted to do damage control in the hours after launch, stating that “Haley’s team is not selling any tokens at all.” Trying to hold the sniper accountable. (People using bots to quickly buy tokens at the lowest possible price). they released “Hokanomics” This seems to indicate that Welch’s tokens (10% of the supply) are locked up for 12 months.
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They all eventually Participated in X Spaces Welch left after an hour to talk about the launch, saying he was going to bed. The overHere team promised not to go anywhere, saying they would “be back tomorrow.”
But that may not be of much consolation for those who bought tokens shortly after launch but believe their value quickly disappeared as others sold them.
