Hawk Tuah Girl Faces Heat as HAWK Memecoin Collapses, but Did She Really Dump It?

Key Takeaways

• Influencer Haliey Welch faces backlash after her memecoin, HAWK, collapses post-launch.
• Blockchain data raises concerns about insider wallet activity controlling a significant token supply.
• Welch denies accusations of a rug pull, asserting that her team hasn’t sold any tokens.

Haliey Welch, the viral influencer behind the phrase “Hawk Tuah,” recently entered the crypto scene with the launch of HAWK, a Solana-based memecoin.

Riding on the popularity of her meme and a booming memecoin market, Welch aimed to “connect with her fans” through what she described as a unique and transparent project.

However, the token’s meteoric rise and subsequent crash have ignited a firestorm of criticism, with accusations of fraud and rug-pulling taking center stage.

HAWK’s Sudden Rise and Dramatic Fall

On Dec. 4, Welch launched her highly-anticipated memecoin, HAWK , which quickly became one of the most hyped Solana memecoins.

The token soared to an all-time high of $0.00004028 , achieving a market capitalization of $400 million within minutes—an impressive 500% increase from its launch price.

HAWK token chart. Source: DEXScreener.

The euphoria, however, was short-lived.

Within hours, HAWK plummeted, erasing 90% of its value and sinking to a market cap of $35 million.

Traders caught in the crash were quick to voice their outrage, with some threatening legal action against Welch and her team.

Accusations of Market Manipulation

Blockchain sleuths and community members pointed to suspicious activity surrounding the token’s launch.

Bubblemaps, a blockchain data visualization platform, revealed that at one point , insiders controlled 96% of HAWK’s total supply.

Although that percentage has since dropped to 79%, the data-fueled allegations of market manipulation.

Critics alleged that the HAWK team stole $2 million, turning investor gains into devastating losses.

Social media platforms lit up with claims of insider trading and unethical practices.

HAWK memecoin cluster. Source: BubbleMaps.

Welch Denies Allegations

Welch and her team have strongly denied the accusations.

“The team hasn’t sold one token, and not a single KOL was given any free tokens,” Welch wrote on X.

The clarification post, however, has since been flagged with a Community Note on X.

Welch’s clarification post community noted. Source: X.

She also emphasized that the team implemented high fees at launch to deter predatory snipers.”

OverHere, the project team behind HAWK, supported Welch’s claims.

They explained that the 96% cluster highlighted by Bubblemaps represented tokens sent by the deployer address in line with the project’s tokenomics.

According to Welch, only 10% of the supply was allocated to her team, with a 12-month lock and a 3-year vesting period.

“Haliey’s team has sold absolutely no tokens whatsoever,” OverHere stated on X.

Despite the explanations, skepticism remains high.

Some users posted screenshots they claim show token sales from insider wallets. In contrast, others suggested that the suspicious activity could be the work of “snipers” — traders using multiple bot wallets to manipulate the market.