On December 4, social media influencer Hailey Welch launched her own memecoin, Hawk Tuah. The cryptocurrency experienced a drastic decline from $500 million to $60 million within just 20 minutes of its launch.

Known online as the Hawk Tuah Girl, Hailey Welch introduced her new memecoin, $HAWK, on Solana on December 4. The coin initially surged to a market capitalization of approximately $500 million before plummeting to almost $60 million in a matter of 20 minutes. This information was further corroborated by Solana (SOL) on X.

Solana’s announcement regarding the substantial drop of the Hawk Tuah or HAWK token.

Who is the Hawk Tuah Girl?

Welch gained prominence as the “Hawk Tuah Girl” after a viral video featured her making a humorous onomatopoeic spitting sound that captivated social media earlier this year. Following the meme, Welch transitioned from a minimum wage job to a significant presence in internet meme culture, ultimately leading her to launch the HAWK token.

The Rise and Fall of HAWK Token

The nearly 88% decline in the HAWK token has sparked renewed discussions about the extreme volatility associated with memecoins in the cryptocurrency space. Some members of the crypto community speculate that the token was originally designed for rug pulling, a fraudulent practice where developers withdraw liquidity or suddenly abandon a project, causing the token’s value to collapse.

Community-generated content on X issuing warnings about the HAWK token.

According to content from the community on X, the Hawk token’s supply was reportedly “sniped” shortly after its debut. This term describes scenarios where early investors or automated bots quickly acquire large quantities of tokens, limiting availability for the general public and putting them at risk. Such actions can be indicative of the project’s stability, suggesting that only a few individuals hold the token. Nevertheless, not all HAWK holders have sold their tokens; for instance, a post by user ZeusLFG shows some remaining optimism regarding the token’s future.

As of this writing, the token’s trading volume has surged by an astonishing 951.67%, according to CoinMarketCap. As discussions continue, Hawk Token is being closely monitored, with community members seeking further transparency to validate these claims and maintain vigilance over the project.