The dominoes from a viral meme to a crypto scandal is not something we ever thought possible, but Hailey ‘Hawk Tuah’ Welch somehow managed to thread that unlikely needle.
On Nov. 4, Welch launched a memecoin called HAWK—inspired by her viral meme, now commonly referred to as Hawk Tuah. Explaining this to someone who isn’t terminally online is challenging. It’s so absurd that one might pause and wonder whether the entire thing is just an elaborate inside joke.
But let’s back up a bit. Hailey Welch’s public persona as the “Hawk Tuah” girl began when YouTubers Tim Dickerson and DeArius Marlow stopped her on the streets of Broadway, Nashville, Tennessee. When asked what she does to drive a man crazy, she famously replied, “You gotta give ’em that Hawk Tuah and spit on that thang.”
And just like that, a star was born. Welch has since attempted to stretch her 15 seconds of fame with increasingly ambitious projects—starting with selling merch, then launching a podcast, and eventually creating an AI-assisted dating app. Each move earned mixed reactions, with some accusing her of taking herself too seriously. Yet, others found her charisma compelling, growing into genuine fans of her escalating ventures and even a notable appearance by serial entrepreneur Mark Cuban on her podcast.
The next logical—or illogical—step was launching a memecoin based on her viral moment. What’s baffling is how many people allegedly rushed to invest their life savings into it. Welch assured Fortune before the coin’s launch that HAWK wasn’t “just another cash grab,” like other memecoins (ahem, Dogecoin). Yet, within 24 hours of its debut, the coin mysteriously lost 94% of its value, plummeting from a peak valuation of $490 million to just $29.1 million.
The fallout has been swift and chaotic. On X, one user summarized the debacle with painful brevity: “I’m a huge fan…but you took my life savings.” Is this a troll? You be the judge, but whether it’s real or not, it is funny.
Adding to the suspicion, Quartz reports an insider wallet buying 17% of the coins and selling them two hours later for a $1.3 million profit. Now buyers are accusing Welch of orchestrating a scam, and complaints have been filed with the U.S. Securities and Exchange Commission. Lawyers are already rallying victims for legal action.
Despite the turmoil, HAWK isn’t even the worst thing a memecoin has unleashed. Lest we forget, Dogecoin somehow inadvertently inspired the way for eccentric billionaire Elon Musk’s path into the U.S. government.
Ironically, we live in what is often called the “information era,” yet misinformation seems to dominate. We frequently fall into parasocial relationships with figures who claim to have life all figured out—whether they’re genius tech billionaires, trad wives, or, now, the Hawk Tuah girl. They all pitch the same idea: trust them, ignore the skeptics, and success will follow.
The internet exacerbates this issue, as the sheer number of followers these figures amass can make you question whether you’re the one missing something. But it’s crucial to resist this pull, especially when it comes to something as serious as your life savings. Blind trust often leads to regret. Stay skeptical, stay informed. This story is still developing.
Published: Dec 6, 2024 06:48 am