Haliey Welch, the mastermind behind the viral “Hawk Tuah” video that captivated audiences this summer, has experienced an explosive rise in popularity. From gathering a vast social media following to starting her own podcast, Welch appeared to be on an unstoppable trajectory. Nevertheless, her recent foray into cryptocurrency may have encountered a major obstacle.
### The $HAWK Token: What Is It?
On Wednesday, Welch entered the world of cryptocurrencies alongside celebrities such as Iggy Azalea and Cardi B by introducing her own memecoin, $HAWK. Marketed as something beyond a mere cryptocurrency, $HAWK was promoted as a cultural phenomenon. The token’s description on overHere, the company responsible for its launch, indicated that $HAWK sought to bring together Welch’s varied fanbase, which includes TikTok enthusiasts, podcast listeners, merchandise purchasers, and charity donors. The aim was to engage non-crypto users by crafting an experience that was “easy, fun, and engaging.”
Welch had alluded to the possibility of launching a memecoin in a podcast discussion with entrepreneur Mark Cuban in late November. Following this, overHere confirmed the launch through a thread on X (formerly Twitter), stressing that $HAWK was more than just another token; it was a transparent initiative driven by the community.
### The $HAWK Launch: What Went Wrong?
Despite the initial excitement, the unveiling of $HAWK quickly turned contentious. Shortly after its launch, Welch’s announcement on X was marked with a Community Note, disclosing that **96% of the token’s supply was held in just 10 connected wallets**. This raised alarm bells, as such a concentration poses a significant risk for price manipulation. If the holders of these wallets chose to liquidate their assets, it could cause the token’s value to plummet.
And indeed, it did. The blockchain analytics service Bubblemaps revealed that $HAWK’s market cap surged to nearly $500 million within moments of its launch, only to fall just as rapidly. As of this writing, the token’s market cap is at $36.6 million—a stark contrast to its initial height. Many early investors likely faced considerable losses.
### Haliey Welch Responds
In response to the criticism, Welch and the overHere team rushed to remedy the situation. They asserted that “Halie’s team has sold absolutely no tokens whatsoever” and attributed the swift price decline to “snipers”—traders employing bots to acquire tokens at launch prices for immediate resale. The team also shared “Hawkanomics,” which allegedly outlines that Welch’s 10% portion of the token supply is locked for a year.
To further alleviate concerns, Welch and the overHere team engaged in an X Spaces conversation to discuss the launch. However, Welch exited the dialogue after an hour, citing she was “gonna go to bed.” The overHere team reassured listeners of their dedication to addressing the issues and promised to return the following day with updates.
### The Fallout
For Welch’s supporters and early adopters of $HAWK, the situation has been far from comforting. Numerous individuals who purchased the token shortly after its introduction have witnessed a significant decline in its value, resulting in substantial losses. While Welch and her team have vowed to maintain transparency and uphold their commitment to the project, the tumultuous beginning has overshadowed what was intended to be a groundbreaking initiative.
As things settle, it remains uncertain whether Welch can bounce back from this setback or if $HAWK will become yet another warning in the unpredictable realm of cryptocurrency. For the time being, the excitement surrounding the “Hawk Tuah” phenomenon has been eclipsed by doubts concerning trust and transparency.