'Hawk Tuah' crypto launch blasted as 'miserable:' Haliey Welch denies it was scam

Haliey Welch, the 22-year-old who gained popularity this summer with her viral TikTok clip titled "hawk tuah," is facing criticism for what many consider a poorly executed launch of her cryptocurrency.

In her most recent career venture following her rise to fame, Welch tried to introduce her own "meme coin," which is a type of cryptocurrency designed for fun. However, right after she and her advisors launched $HAWK on the Solana blockchain on Wednesday night, its value dropped nearly right away.

Some people are now claiming that Welch might have violated regulations set by the Securities and Exchange Commission, which is an independent agency that oversees financial markets, including those related to cryptocurrency.

A report by Rolling Stone reveals that certain investors in the cryptocurrency have lodged complaints with the SEC. They claim that the situation might be an example of a "rug pull," where developers generate excitement around a crypto project to boost its value, ultimately cashing in before the project fails and they disappear.

In the meantime, Welch and her team have turned to social media to counter the idea that the meme coin is a fraud.

Cryptocurrency: Bitcoin's value soars over $100,000 for the first time as Trump shows his backing for digital currencies.

Welch gained widespread recognition during the summer when, while attending the CMA Fest in Nashville, a YouTuber captured and shared a video of her making a risqué joke.

Since that time, Welch has launched a new path as a well-known personality, social media influencer, and marketing expert.

She put together a group that included a lawyer, a management agency, and a public relations firm, giving rise to a company called 16 Minutes. Additionally, she launched a podcast named Talk Tuah and has shared the stage with country music artist Zach Bryan during his performance in Nashville, as well as spent time with Shaquille O'Neal.

'Hawk Tuah' girl: Haliey Welch discovers the true experience of going viral

However, her newest project, a personal cryptocurrency, is putting Welch in a bit of trouble.

Hawk Tuah crypto is classified as a meme coin, similar to Dogecoin, which is linked to Elon Musk. It draws inspiration from trending memes on social media.

Welch's cryptocurrency rapidly reached a market value of almost $500 million but then sharply fell by 95%, dropping to $25 million by Thursday afternoon. This drastic change led to significant losses for several traders, as reported by Forbes, referencing data from DexScreener.

CoinTelegraph, a publication focused on cryptocurrency news, reported that between 80% and 90% of Hawk Tuah's total supply is held by a group of buyers referred to as "snipers." These individuals purchase the majority of the supply, sell it off for significant profits, and subsequently cause the price to plummet.