Haliey Welch, a 22-year-old, made waves this summer with her viral “hawk tuah” TikTok video. This led to her taking a rather bizarre career turn by launching her own memecoin on the Solana blockchain. However, the value of this coin plummeted almost immediately, causing quite a stir in the cryptocurrency world.

The Tale of Haliey Welch's Memecoin Launch and Its Swift Downfall

Initial Fame and Merchandise

Over the summer, a man-on-the-street interviewer filmed Haliey Welch for a TikTok video. When asked about what makes a man go crazy in bed, she responded with “you gotta give him that ‘hawk tuah.’” This simple video took off in June, and Welch quickly capitalized on her newfound fame by releasing merchandise. She started to build a popular social media presence, joining Instagram in July and posting pictures with celebrities like Matt Rife and JoJo Siwa. She even had the opportunity to join country star Zach Bryan onstage at a June concert and throw out the first pitch at a New York Mets game in August.This rapid rise in popularity led to the launch of her podcast, “Talk Tuah,” in September. It quickly gained popularity and at one point ranked as the fifth most-popular podcast on Spotify’s daily charts, behind only Joe Rogan’s show. The podcast is owned by boxer and social media personality Jake Paul’s company Betr, and she has hosted guests such as Wiz Khalifa, Mark Cuban, and Brooke Schofield.

The Memecoin Launch and Its Immediate Plunge

On Wednesday evening, Welch launched the Hawk Tuah coin, which is widely regarded as a memecoin or a form of cryptocurrency created for entertainment purposes. It quickly hit a market capitalization of nearly $500 million. But just as quickly, it plummeted 95% to $25 million by Thursday afternoon, according to DexScreener data. As of Thursday afternoon after 4 p.m. EST, the coin’s price was $0.002439, down from a high of $0.04916 on Wednesday evening.The chaotic launch seemed to result in significant losses for some traders. Crypto YouTuber Coffeezilla, with over 3 million subscribers and whose real name is Stephen Findeisen, had a tense X space conversation with Welch and her team. He accused them of insider trading, which they denied. CoinTelegraph reported that about 80 to 90% of the Hawk Tuah supply was controlled by insiders or snipers—entities that purchase large amounts of a coin’s supply at its launch. Welch, in a post on X, said her team had not sold any tokens and had tried to stop snipers as best they could.

Legal Implications and Speculations

After the Hawk Tuah coin sparked backlash on social media, Burwick Law, a firm specializing in cryptocurrency, posted on X urging people who lost money on the memecoin to reach out to “learn about your legal rights.” However, it’s unclear whether the crash will have legal consequences, and there is no clear evidence of wrongdoing or illegality. Some critics have speculated—without proof—that Welch’s coin was launched as part of a “pump and dump” scheme, where the value of an asset, including a cryptocurrency, is quickly inflated and then sold off, causing the value to crash. The CFTC first cracked down on crypto pump and dumps in March 2021, charging two individuals on multiple counts of fraud for deceiving crypto investors and profiting more than $2 million in one such scheme.

Instagram Followers and Further Readings

Haliey Welch has an impressive 2.6 million Instagram followers, which clearly shows her rapid rise to internet fame. For those interested in learning more about the Hawk Tuah memecoin and its story, there are several further readings available. CoinTelegraph has an article titled “Hawk Tuah memecoin dumps 90% amid backlash over controversial launch,” Forbes has an article titled “The ‘Hawk Tuah’ Creator’s Podcast Ranks No. 5 On Spotify—Here’s How She Kept The Meme Going For Months,” and another Forbes article titled “‘Hawk Tuah’ Meme Explained: How Woman In Viral Interview Made A Reported $65,000 And Prompted TikTok Craze.”