Hawk Tuah Girl’s HAWK Memecoin Skyrocketed and Crashed in 20 Mins: What Happened?

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As a seasoned researcher with over two decades of experience in the financial markets, I’ve seen my fair share of market mania and manipulation. The recent launch of the HAWK memecoin by TikTok influencer Hailey Welch, also known as the Hawk Tuah Girl, has been quite intriguing, to say the least.

Hailey Welch, a well-known TikTok personality, has made her debut in the crypto world by introducing HAWK, a memecoin modeled after her viral meme that makes a spitting sound. Known as the “Hawk Tuah Girl,” she’s also launched a cryptocurrency based on memes. Remarkably, the token quickly garnered massive attention, reaching a market cap of $500M, only to drop to $60M within twenty minutes.

The sudden rise and fall has sparked debates among cryptocurrency investors, as some suspect it might be an instance of a “rug pull” scheme.

Hawk Tuah Girl Surrounded In HAWK Memecoin Scam Controversy

Even though it was introduced on December 4th, Hawk Tuah (HAWK) has become one of the hottest Solana memecoins, enjoying widespread popularity. In fact, its token value peaked at $0.00004028 only a few hours after the launch. What’s more, it was initially listed at $0.000007099, but quickly skyrocketed over 10 times that amount soon after. However, within just 20 minutes, its value plummeted by half, and it dropped another 91% in the following three hours, causing quite a stir and controversy.

LATEST: @HalieyWelchX’s (Hawk Tuah Girl) newly launched token on @Solana soared to $500M before crashing below $60M in just 20 minutes.

— SolanaFloor (@SolanaFloor) December 4, 2024

It concerns crypto investors as they fear the possibility of a memecoin scam. Interestingly, as soon as the price attained an ATH, the top token holders mass-sold the token, crashing its price within twenty minutes. Interestingly, this major drop is also keeping it steady in media attention, fueling its popularity, as it is currently trading at $0.00002101 after a significant recovery. In the last 24 hours, the price has surged 168% with a market capitalization and trading volume of $210.71M and $431.39K.

After examining the circumstances, numerous crypto experts and influencers have suggested that the fall in value for the Hawk Tuah token may be due to insider trading. Furthermore, Bubblemap has uncovered an interesting fact: approximately 96% of the HAWK memecoin supply is tightly concentrated, indicating that a small group of individuals control over 96% of the total supply.

WARNING$HAWK token insiders kept over 97% of the supply and are actively selling!!!

— Beanie (@beaniemaxi) December 4, 2024

Hailey Welch Claims ‘No Insider Trading’

In an initial conversation with Fortune, the woman known as Hawk Tuah girl or Hailey Welch, expressed that this digital currency isn’t merely about making money (a cash grab). Rather, it offers a lively and secure platform for her to connect more intimately with the community. Most significantly, her team emphasized a desire to alter people’s perception of cryptocurrency. Regrettably, this initiative was met with controversy over allegations of a memecoin scam, leaving many investors bearing substantial financial losses due to an unexpected price plunge.

Regarding the recent crash of the HAWK memecoin, Hailey Welch weighed in on the situation, stating that the team has neither sold any tokens nor distributed them to Key Opinion Leaders (KOL). Furthermore, she disclosed an attempt to deter snipers by increasing fees during the initial launch, but this tactic proved unsuccessful as the price subsequently plummeted.

Copy and pasting:

Hawkanomics:

Team hasn’t sold one token and not 1 KOL was given 1 free token

We tried to stop snipers as best we could through high fee’s in the start of launch on @MeteoraAG

Fee’s have now been dropped

— Haliey Welch (@HalieyWelchX) December 4, 2024

Even though she maintains otherwise, there is a growing unease among people regarding the sniper or potential insiders. This is due to the fact that even after extensive selling, the top 10 wallets hold over 87% of the HAWK memecoin total supply. One of these wallets quickly acquired 17.5% of the HAWK supply immediately following the launch and then sold a substantial portion, earning approximately $1.3 million in profits.

The situation remains uncertain, but some individuals are considering taking legal action following the Hawk Tuah incident. One crypto investor, Scooter, has already initiated legal proceedings and announced that he’s filed a report. He also encourages others who have been affected by these ‘rug pullers’ to take similar steps. Furthermore, renowned law firm Burwick Law has spoken up, inviting victims to reach out to them so they can better understand their options in this kind of predicament.

Final Thoughts

Platforms like Pump.Fun and their counterparts have streamlined the process of creating meme coins, making it more accessible. Notably, Pump.fun has hit an all-time high in revenue. However, this ease of creation has also led to a surge in questionable meme coin schemes, which is troubling. The community is worried that Hawk Tuah girl’s meme coin might be another rug pull scam, as the HAWK meme coin experienced a sudden and substantial increase followed by a rapid decrease within just a few hours. Intriguingly, the creator, Hailey Welch, denies any insider trading allegations. However, the top investors hold significant amounts of the coin, which raises concerns about potential sell-offs among the rest if more unloading occurs.

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2024-12-05 12:14