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By Billal Rahman and Jasmine Laws
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Influencer Haliey Welch, known as the "Hawk Tuah Girl," has launched her own cryptocurrency - but admitted she previously thought it was just an "easy way for you to lose money."
Welch, who went viral after she was filmed by YouTube creators using the onomatopoeic phrase "hawk tuah" to describe an intimate act has since transformed her newfound fame into a successful merchandise line and a podcast, featuring notable guests like entrepreneur Mark Cuban.
However Welch told Fortune that her memecoin, named HAWK, is "not just a cash grab" as its valued plunged $440 million in just 20 minutes.
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Newsweek has reached out to Welch for comment outside of normal working hours.
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A memecoin is a type of cryptocurrency inspired by internet memes or jokes. These coins often gain popularity due to social media trends, celebrity endorsements, or the humor associated with their branding rather than any intrinsic utility or technical innovation.
Welch said she changed her mind about crypto after attending conferences. When asked about the appeal of the currency, she called it a "really good thing" and said it was a "good way to interact with my fans."
However, she admitted she wasn't aware of any specific perks for holders of her memecoin. Her manager mentioned plans to foster "more fan engagements around it," though no details were provided.
Welch, who described her new venture as "Hawkanomics," watched the coin initially skyrocket to a $500 million valuation before plummeting to under $60 million, with people online alleging insider trading and "sniping" tactics, where early adopters monopolize tokens to drive up prices before cashing out.
OverHere, the team behind the launch of the memecoin, denied the accusations of insider trading. Welch said in a post on X, formerly Twitter, that "We tried to stop snipers as best we could through high fees," which have since been dropped.
Blockchain data revealed that 96 percent of the token supply was held by just 10 addresses at launch, fueling allegations of foul play. Welch and her team said no tokens were sold by insiders during the launch. "The team hasn't sold one token, and not one influencer was given any free tokens," Welch wrote on X (formerly Twitter), addressing the claims.
As of 07:31 a.m. ET Thursday, HAWK was valued at $34.3 million.
The viral sensation joins high-profile figures such as Kim Kardashian and Floyd Mayweather who have endorsed crypto tokens.
Her manager, Jonnie Forster, clarified that the HAWK token is distinct from other celebrity crypto ventures, as they are not encouraging people to purchase it.
Instead, they plan to distribute free tokens to social media followers and fans who have purchased her merchandise. Forster mentioned that Welch will own 10 percent of the supply, but she will be unable to sell any of it for a year.
Update, 12/05/2024, 07:31 a.m. ET: This article was updated with additional information.
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