Hawk Tuah’ Creator Haliey Welch Criticized For Memecoin Launch After Price Crashes

‘Hawk Tuah’ Creator Haliey Welch Faces Backlash Over Memecoin Launch Following Massive Price Crash

By Admin Dec 8, 20240

Haliey Welch, the 22-year-old internet sensation behind the viral “Hawk Tuah” TikTok video, is under fire following the disastrous launch of her memecoin, Hawk Tuah Coin. The cryptocurrency, introduced on the Solana blockchain on Wednesday, soared briefly before crashing dramatically, drawing criticism from traders and the broader crypto community.

Key Highlights of the Launch

Welch’s Hawk Tuah Coin, a memecoin created for entertainment purposes, initially reached a market cap of $500 million after its release.
The coin’s value plummeted 95% within hours, falling to $25 million by Thursday afternoon.
The coin’s price dropped from an opening high of $0.04916 to $0.002439, leading to significant financial losses for some investors.

Criticism and Controversy

The chaotic launch drew intense scrutiny, particularly from crypto influencers:

Stephen Findeisen, a crypto YouTuber known as Coffeezilla, criticized the rollout in an X (formerly Twitter) space conversation, calling it “one of the most miserable, horrible launches I’ve ever seen.” He accused Welch’s team of insider trading—a claim Welch’s team denied.
Blockchain data indicated that 80-90% of the coin’s supply was controlled by insiders or snipers—entities that purchase large amounts of a coin at its launch—according to reports by CoinTelegraph. Welch insisted her team made efforts to prevent sniping and had not sold any tokens.

Legal and Social Media Backlash

The fallout from the launch has sparked speculation about potential legal consequences:

Burwick Law, a cryptocurrency-focused law firm, urged those who suffered financial losses to explore their legal rights.
Critics have suggested—without evidence—that the launch may have been a “pump and dump” scheme, wherein the value of an asset is artificially inflated and sold off, causing its price to crash.

Who Is Haliey Welch?

Welch skyrocketed to fame this summer with her viral response to a TikTok street interview. Her meme-worthy “hawk tuah” comment turned her into a social media personality, leading to:

Merchandise lines, public appearances, and collaborations with celebrities.
A successful podcast, Talk Tuah, hosted by Jake Paul’s company, which ranked as the fifth most-popular podcast on Spotify at one point.
An AI-powered dating app, Pookie Tools, launched in November.

Her rapid rise to fame has garnered 2.6 million Instagram followers, cementing her status as a digital influencer.

A Risky Move in the Volatile Crypto Market

The Hawk Tuah Coin launch highlights the volatile and speculative nature of memecoins. Cryptocurrencies based on internet memes, like Dogecoin and Pepe Coin, have drawn significant attention but remain risky investments due to their reliance on social media trends.

What’s Next for Welch?

As Welch faces criticism and potential legal challenges, her team has yet to issue a comprehensive statement addressing the coin’s failure. While her entrepreneurial ventures have previously found success, this misstep underscores the high stakes of entering the cryptocurrency market without robust planning.

Whether Welch can recover her reputation remains uncertain, but the episode serves as a cautionary tale for influencers venturing into high-risk financial markets.

Admin

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