Key Points

• Hawk Tuah girl faces massive backlash after launching a memecoin on Solana that had everyone losing their money.
• Previously, she used to think crypto was “just a scam,” and an easy way to lose money.

Hailey Welch, also known as the Hawk Tuah girl, is now facing massive backlash after creating a memecoin that has everyone losing their money, except for the insiders.

HAWK’s Market Cap Dropped From $500M to $60M in Minutes

On-chain reports reveal that the memecoin called HAWK, created on Solana, surged to a market cap close to $500 million and then dropped to around $60 million market cap in a matter of minutes.

Welch shared a video on X today, saying that the HAWK memecoin went live. X community notes revealed that 96% of the token supply had been sniped and was slowly being sold on the community. X notes also shared that buying this highly speculative coin might result in loss and high due diligence was recommended.

People are debating the issue on X, revealing that after the Hawk Tuah girl created the memecoin, everyone aped in, and now people are left with “crying wallets,” except for the insiders.

Some even say that anyone who invested in her memecoin deserves what followed. Someone highlighted that if a user invested $100,000 in the memecoin, the investment would have dropped to around $7,000 in just a few minutes.

She is now being accused of rug-pulling her fans with the new memecoin, and claims on X are that she walked away with over $3 million within 24 hours.

The Hawk Tuah community on X shared a message saying that HawkTuah is simply a meme, and this community coin was created before the Hawk Tuah girl claimed fame. They also noted that HAWK was a huge mistake which shows that people would do anything for money.

An X user named Gordon said that the members of her team made $2 million, while investors lost everything, but, at the same time, highlighted that she might not have done this intentionally, just believed in the wrong people who “advised” her.

When people attacked her in the comments, saying that she knew what she was doing, Gordon defended her by saying that it’s impossible that anybody would deliberately ruin their reputation for a few hundred thousand dollars, highlighting that her team made more than her.

Fortune Crypto publication also addressed the memecoin’s launch.

Fortune’s Interview With the Hawk Tuah Girl

Fortune said that memecoins go viral among Internet communities on platforms such as Telegram and Discord, often based on fleeting moments, mentioning PNUT – another memecoin on Solana.

In many cases, buyers rush into the memecoins and the price spikes, sometimes even reaching billions of dollars in market cap, until holders decide to sell before the value drops.

Welch had an interview with Fortune and said that her HAWK memecoin was not just a cash grab, explaining that she wants to change the public’s view on crypto.

Her manager, Jonnie Forster was asked about the memecoin’s valuation and legal uncertainty and said that they don’t want to break securities laws. He also said that they are tokenizing Hailey’s fan base.

Fortune said that HAWK will most likely remain in a corner of the industry dominated by the so-called “degens”.

In her interview with Fortune, Welch said that she is genuinely interested in using crypto and her memecoin to connect with her fans. She also said that she used to think of crypto as just a scam and an easy way to lose money before attending related conferences.

Hawk Tuah is an Internet meme originating from a viral YouTube video posted in 2024.