Haliey Welch, a 22-year-old, made a significant splash this summer with her viral “hawk tuah” TikTok video. However, her recent foray into the cryptocurrency world has landed her in hot water.

The Rise and Fall of Haliey Welch's Cryptocurrency Venture

Initial Fame and Career Shift

During the summer, while in Nashville for the CMA Fest, a YouTuber captured and shared a clip of Welch cracking a sexual joke. This led to her achieving celebrity status. Since then, she has transitioned into a career as a social media influencer, marketer, and even started a podcast called Talk Tuah. She also appeared on stage with country music star Zach Bryan and hung out with Shaquille O'Neal.

She assembled a team comprising an attorney, a management company, and a PR firm, and established a company named 16 Minutes. This newfound fame and professional growth set the stage for her next big move.

The Cryptocurrency Launch

In a recent career move, Welch attempted to launch her own “meme coin” on the blockchain platform Solana. A “meme coin” is a form of cryptocurrency created for entertainment purposes. However, shortly after its launch on Wednesday evening, its value plummeted almost immediately.

Some investors have already filed complaints with the SEC, alleging that it could be a “rug pull” situation where developers hype up a crypto project to inflate its value and then profit before it crashes. This has raised concerns about Welch's actions and the legitimacy of her cryptocurrency venture.

The Aftermath and Backlash

As of Thursday afternoon, Welch's coin quickly hit a market capitalization of nearly $500 million but then plummeted 95% to $25 million, resulting in significant losses for some traders. CoinTelegraph reported that about 80% to 90% of the Hawk Tuah supply was controlled by “snipers” who buy up most of the supply, sell it for a massive profit, and tank the value.

The launch turned into a debacle, sparking backlash on social media. Some investors on X claimed to be filing complaints with the SEC, and a firm specializing in cryptocurrency, Burwick Law, advertised its services to those who lost money on the meme coin. In an audio event on X Spaces, a popular crypto YouTuber accused Welch and her team of insider trading, which they denied. Welch said in a post on X that her team had not sold any tokens and had tried to stop the snipers.

USA TODAY made attempts on Friday morning to reach representatives for Welch.Contributing: Melonee Hurt, Nashville TennesseanEric Lagatta covers breaking and trending news for USA TODAY. Reach him at elagatta@gannett.com