What to know:
- The HAWK token introduced by internet personality Hailey Welch and the overHere team has lost more than 95% of its value after going live last week.
- Welch has not posted on social media since a heated X Spaces call on Thursday.
- One wallet made $365,000 by buying and selling the token at its debut.
As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen countless memecoins come and go, some leaving behind fortunes while others, like the HAWK token, serve as cautionary tales. The sudden plunge of HAWK, introduced by Hailey Welch and her team, is a stark reminder that the crypto world can be unpredictable and ruthless.
Internet celebrity Hailey Welch, famously known as “Hawk Tuah,” has stayed out of the limelight on social platforms after the contentious launch of a meme-based cryptocurrency, which has since dropped over 95% in value.
At first, the value of the HAWK token skyrocketed to a market capitalization worth half a billion dollars. However, it quickly plummeted due to intense selling by early investors which outweighed the interest from new buyers. Currently, the market cap is stabilizing around $20 million and daily trading volume is under half a million dollars.
The debut led to widespread criticism, culminating in a YouTube video by internet sleuth Coffeezilla dubbed “exposing the hawk tuah scam.”
On Thursday, Welch organized a conference call with X Spaces, inviting participants from the overHere team – the group responsible for the recent memecoin launch – in light of the examination they faced.
After a passionate argument, the conversation suddenly concluded with Welch saying, “I’m off to sleep, I’ll catch up with everyone tomorrow.” Since then, she hasn’t provided any new information.
The manager of Welch and the group responsible for the memecoin have not yet provided a response to multiple requests for a statement from CoinDesk.
In response to Coffeezilla’s statement, Welch’s legal representative clarified that 50% of the net earnings from token allocation was what Welch received. However, since she also needed to share this with her non-crypto team members, it meant that in practice, she would only end up owning approximately 3.5% of the tokens (if any) according to the given schedule.
As an analyst, I find myself observing a delicate and potentially fatal situation unfolding. With over 14,355 identified investors holding onto this token, there’s been a steady surge in selling activity, draining the already shrinking pool of liquidity that currently stands at approximately $2 million.
On the day HAWK was launched, it appears that one digital wallet amassed approximately $365,000 in earnings across 23 transactions, while another raked in roughly $65,000. However, the overwhelming majority of investors who bought on the open market are currently facing significant losses.
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2024-12-10 14:06