The 22-year-old rose to fame earlier this year after a viral joke catapulted her into the spotlight.
True to her nickname, she responded, “You gotta give it that hawk tuah, and spit on that thing.”
Since then, Welch has built a massive social media following and launched a popular podcast, Talk Tuah. However, what started as a successful year is ending in controversy, as her latest venture has left many fans disillusioned.
Earlier this week, Welch introduced her own meme coin, $HAWK, attempting to capitalize on her online popularity by entering the cryptocurrency market.
Initially, the coin seemed like a success, reaching a market cap of $490 million shortly after its launch on Wednesday. However, it lost 91% of its value within three hours, leaving investors shocked and angry, as reported by The Daily Mail.
Meme coins, inspired by internet jokes, have gained traction in recent years, often turning into legitimate financial assets. Welch’s $HAWK appeared to follow a similar trajectory before its dramatic collapse, sparking accusations from fans and the crypto community.
Data from cryptocurrency analytics platforms has fueled allegations of insider trading, showing that insider wallets and snipers controlled 80-90% of $HAWK’s initial supply.
One wallet reportedly acquired 17.5% of the supply seconds after the coin’s launch and sold it off within 90 minutes, making a $1.3 million profit, according to Solscanner.
Angry investors took to social media to vent their frustration.
“I’m a huge fan of Hawk Tuah, but you took my life savings,” one person wrote on X.
They continued, “I purchased your coin $HAWK with my life savings and my children’s college fund. You didn’t mention that you’d buy 97% of the supply and sell it almost immediately to make a large profit.”
Some are now calling for Welch to face legal consequences.
“Hailey Welch, you’re going to f***ing jail,” one user wrote, while another added, “I’m not kidding when I say this—you’re most likely going to prison.”
Welch’s team has denied wrongdoing, issuing a statement on X:
“The team hasn’t sold one token, and not one KOL was given a free token. We tried to stop snipers as best we could through high fees at launch on @MeteoraAG. Fees have now been dropped.”
Despite the clarification, the controversy surrounding Welch and her $HAWK coin shows no signs of dying down.
