3 weeks ago
23
A few days ago Haliey Welch, also known as “Hawk Tuah Girl”, launched a memecoin that is now at the center of strong controversy due to an alleged rugpull.
The cryptocurrency $HAWK lost 90% of its value in just 20 minutes from its listing on the markets, leading to significant losses for the girl’s fans.
Instead, Haliey Welch cashed in 50 million dollars thanks to her bull and bear insider activity.
The madness of speculations on this currency has even reached Polymarket, where several degen investors were trying to manipulate the prices.
Let’s see all the details of the vicenda.
The launch of the crypto $HAWK by Haliey Welch
Wednesday, December 4, TikTok celebrity Haliey Welch, known as “Hawk Tuah Girl”, launched her meme cryptocurrency $HAWK.
A few days earlier, during an episode of his podcast Talk Tuah with the billionaire entrepreneur Mark Cuban, he had introduced the new currency to the public.
Initially distributed to some followers through the Web3 Launchpad and OverHere platforms, $HAWK then made its public debut on the Solana blockchain.
The listing took place on decentralized trading exchanges such as Raydium, where most of the trading occurred.
$HAWK does not have a particular utility in the crypto world and was introduced as a means of interaction for Haliey Welch with her fans.
No details have been provided regarding this, but the influencer’s manager stated that the token holders would have the opportunity to speak with Haliey.
Haliey herself has invited her community to invest by promoting the token as a “really good thing” and not the usual “way to make money”.
Given its wide popularity, which includes 2.5 million followers on Instagram and 400,000 on Twitter, it has led to strong media engagement, culminating in the launch of $HAWK.
To gain more credibility, the girl claimed that the coins in her possession would be locked for a year and she would not be able to sell them until then.
The token crashes after the first 5 minutes: Haliey Welch executes the rugpull and earns 50 million
Haliey Welch witnessed the debut of $HAWK with an incredible initial pump of 900%, followed by a violent rugpull of the price.
Five minutes after the launch, the memecoin had reached the insane capitalization of 490 million dollars, but the party lasted very little.
After the first green candles, the value of $HAWK started to plummet, fueling suspicions of the presence of an insider trader.
In a few hours, the cryptocurrency had lost 90% of its value, plummeting to a market cap of 60 million dollars.
Many have accused Haliey of executing a rugpull in front of her fans, while she herself has denied any accusations.
She and her team justified themselves by saying they had not sold any coins, and that they were trying to limit “sniper” activities.
The OverHere team, where the public sale of the token took place, confirmed that there have been no rugpulls or manipulation activities.
In any case, from the on-chain analyses, it emerged that a few wallets had purchased large quantities of $HAWK immediately after the creation of the token contract.
About 10 wallets, likely attributable to Haliey Welch, controlled between 80 and 90% of the $HAWK supply. One of these sold a large quantity of $HAWK with a profit of $1.3 million.
The analysts have spoken of a real “pump and dump” scheme, where the value of the asset was inflated at the listing, only to be dumped shortly after.
We still do not actually know if behind the rugpull of the coin there is really Haliey, as the addresses on the blockchain are pseudo-anonymous.
However, there is a reasonable certainty to believe that, just as several other celebrità have done, there has been a well-organized fraud against investors.
According to estimates, Haliey Welch would have cashed in $50 million from the sale of $HAWK. Much more than what was earned in recent months with the marketing of the clip “Hawk Tuah”.
Speculations on HAWK reach up to Polymarket
The crazy story of Haliey Welch’s rugpull continued on Polymarket, where simultaneously the dance for bets on the future value of $HAWK was opened.
The degens could bet on what the FDV (Fully Diluted Value) of the coin would be just one day after the listing. The available options were: <$10mln, $10-20 mln, $20-30 mln, and $30 mln+
For each option, it was possible to bet on “yes” and/or “no” with odds that vary based on the principle of supply and demand on the Polymarket exchanges.
After the first hours following the launch, the $HAWK token had continued to dump heavily, reaching below the 30 million capitalization threshold.
A few minutes before the betting deadline, it was practically certain that it would remain below above 30 mln, also considering the previous rugpull.
The buyers rated only a 3% chance of a rapid bull rally above that level, while the “no” had risen to 98%.
Source: https://polymarket.com/event/hawk-market-cap-fdv-one-day-after-launch/will-hawk-fdv-be-30000000-or-more-one-day-after-launch?tid=1733474654505In the meantime, however, in the comments of the bet, a bunch of degen was trying to manipulate the price of $HAWK. The group’s intent was to bring the token’s valuation above 30 million at the time of expiration, while simultaneously betting on the “yes” option in relation to that specific FDV.
In just 10 minutes, starting from about 25 mln in capitalization, the degen pushed the price above the key level, completely overturning the outcome of the bet.
In the end, the option “yes” won, but at the same time, a strong debate was opened on how the price was easily manipulable by a small group.
There are traders who have won thousands of dollars by multiplying their initial investment by several X, while others have lost everything in a few minutes.
Polymarket is becoming more and more crazy!
Source: https://polymarket.com/event/hawk-market-cap-fdv-one-day-after-launch/will-hawk-fdv-be-30000000-or-more-one-day-after-launch?tid=1733474654505
English (US) ·