Social media influencer Hailey Welch, known as the Hawk Tuah Girl, launched her memecoin $HAWK on Solana on Dec. 4. The coin had a meteoric rise, reaching a market cap of around $500 million shortly after launch. However, it then crashed to nearly $60 million within just 20 minutes, as confirmed by Solana (SOL) on X.
Welch became famous after a viral video earlier this year where she made a comical sound. Capitalizing on her newfound fame, she introduced the HAWK token. The significant 88% drop in the token’s value has reignited discussions about the extreme volatility of memecoins. Some in the crypto community suspect it could be a rug pull, with claims that the supply was “sniped” soon after launch, suggesting early investors or bots took a large share. But not all holders have sold, indicating some optimism.
Currently, the token’s trading volume has skyrocketed by 951.67% according to CoinMarketCap. The Hawk Token is now under close scrutiny, with the community demanding more disclosures to assess the project’s true state.
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