Haliey Welch, renowned in the digital realm as the "Hawk Tuah Girl," has become mired in a web of controversy ever since the introduction of her cryptocurrency, $HAWK, on the Solana blockchain. This summer, Welch achieved viral notoriety with her explicit sex advice. Subsequently, she ventured into the crypto space by actively promoting $HAWK.

Initial Surge and Sudden Plunge

Immediately after its launch on Wednesday, the coin witnessed a remarkable 900% surge in value. However, this excitement was short-lived as its price plummeted by a staggering 95%. This led to accusations of a pump-and-dump scheme. Many investors suspect that insiders deliberately manipulated the coin's value to make quick profits. There are reports of certain individuals amassing large portions of the coin and then selling it at inflated prices.

Live Discussion and Crypto Expert Criticism

Despite Welch's efforts to handle the aftermath through a live discussion on X (formerly Twitter), the situation only deteriorated further. During this session, crypto experts, such as YouTuber Coffeezilla, voiced their criticism of the launch. Some even labeled the project as a scam. Concerns intensified when it was uncovered that $HAWK insiders seemed to be reaping substantial profits from exorbitant transaction fees. For instance, one crypto wallet managed to accumulate 17.5% of the coin's total supply and sold it for $1.3 million within just 90 minutes.

Marketing and Financial Implications

Welch had been promoting the coin to her followers without providing clear explanations regarding the current situation. Investigative reports later emerged, revealing that she had been paid $125,000 for marketing the token and would receive 50% of the net proceeds. This has sparked a lot of controversy, with many accusing Welch of neglecting due diligence. As a result, her fans have suffered significant financial losses. Meanwhile, a new "revenge coin," $TUAH, has come into existence, making fun of Welch's involvement and aiming to surpass $HAWK's market capitalization. The entire situation remains under close scrutiny, with legal and reputational issues still lingering.