The “Hawk Tuah” Girl, Haliey Welch, has come under fire after launching a meme coin that crashed almost instantly after soaring to $490 million.
Welch’s Hawk Tuah coin (HAWK) suffered a pump-and-dump, dropping by almost 90 percent after reaching a peak market capitalization of the aforementioned amount. The coin launched at 5:00 p.m. ET on Wednesday and dropped to $36.6 million in less than three hours.
Data from various sources determined that, at launch, insider wallets and snipers controlled around 80-90 percent of the coin’s supply.
For her part, Haliey has denied involvement in insider sales, insisting her team hasn’t sold any tokens, and no influencers got any HAWK coins for free.
“Team hasn’t sold one token and not 1 KOL was given 1 free token,” she wrote in a post. “We tried to stop snipers as best we could through high fee’s in the start of launch on Meteora.”
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One source, Solscan, showed that one wallet grabbed 17.5 percent of the coin’s total supply just seconds after launch. The wallet bought the coin for 4,195 Wrapped Solana (WSOL), which is valued at $993,000, and sold 135.8 HAWK tokens at a profit of $1.3 million.
Experts Think Haliey Welch Might Be In Trouble
Some market experts reckon Haliey and her team could be in real trouble as multiple social media users have revealed having launched an official complaint with the SEC. Law firms have also started advertising their services to folks who lost money on the coin.
One such firm is Burwick Law, which has asked anyone who took on losses to reach out.
“If you lost money on $HAWK, contact our firm to learn about your legal rights,” they posted.
This could get really interesting.
