December 7th 2024.
On Wednesday, the popular social media star Haliey Welch, also known as the 'Hawk Tuah Girl', made headlines by launching her very own cryptocurrency called 'Hawk'. However, what seemed like a promising venture quickly turned into a nightmare as the coin crashed within hours of hitting the market. This sudden drop caused an uproar among investors and sparked criticism towards Welch.
When 'Hawk' was first unveiled, it gained a market capitalization of nearly $500 million. But just as quickly as it rose, it plummeted by more than 95%. This drastic decline caught the attention of YouTuber and crypto journalist Stephen Findeisen, who has a huge following on his Coffeezilla pages. In a video that has been viewed over 1.4 million times, Findeisen accused Welch of scamming her investors.
He went on to explain that situations like this often target unsuspecting fans who are new to the world of cryptocurrency, rather than experienced investors. Findeisen also accused Welch of 'rug pulling', a term used to describe when creators artificially inflate the price of a coin before selling it for a profit, leaving others with worthless tokens.
Welch, however, denied these allegations and instead pointed the finger at 'snipers' - bots that are programmed to buy and sell tokens for a quick profit. She clarified that her team had not sold any tokens and that no influential figures, also known as 'KOL', were given free tokens to hype up the coin.
The launch of 'Hawk' coincided with the recent surge in popularity of cryptocurrencies, with Bitcoin reaching a record high of $100,000. Despite this, Welch's coin faced a lot of backlash, especially considering her past controversies. Since her infamous interview in June, Welch has capitalized on her viral fame by launching Hawk Tuah-themed merchandise and a podcast called 'Talk Tuah'.
'Hawk' is what's known as a 'memecoin', along with other popular coins such as 'Doge' and 'Moodeng', which are inspired by internet memes. These coins are often seen as less risky compared to other high-profile crypto assets, but their value can be highly volatile, influenced by social media trends.
Welch is not the first celebrity or influencer to face backlash for their involvement in cryptocurrency. In 2021, Kim Kardashian was fined over $1 million for promoting the EthereumMax crypto scheme without disclosing that she had been paid to do so. Similarly, YouTuber Logan Paul faced accusations of misleading his fans by promoting coins without disclosing his own financial interest in them.
In the end, the launch of 'Hawk' serves as a reminder to always do thorough research before investing in any cryptocurrency, as the market can be highly unpredictable and influenced by numerous factors, both genuine and fraudulent.
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