$HAWK
Memecoins, they are not my cup of tea, and I mostly stay away from them. But the last year has shown it can be extremely profitable, so it attracts a lot of people when a new memecoin is launched. And most of the times it goes horribly wrong.
So it did yesterday with $HAWK launched on the Solana chain by Hailey Welch, better known as the Hawk Tuah girl. I won’t explain why, because if you haven’t seen here, you haven’t been on this planet in the last half year.
She launched the coin, and thousands of fans of her bought the coin immediately. Sending it to a market capitalisation of 500 million dollars within minutes. But 20 minutes later the coin was decimated, due to a massive sell off.
Rug pull?
Was it a classic rug pull? That is not clear yet, but the graph shows all the signs of that. At the price of 0.05 SOL a huge sell off started and within minutes the coin was worth peanuts.
There are people on X that state Hailey Welch earned 3 million dollars by selling her stake. But that remains to be proven.
One thing is for sure, her popularity has taken a dive, and she will probably need to contact a lawyer, as she will be the target of a lawsuit very possibly…
Moral of the story, beware what you buy and don’t use money you can’t miss if you buy into memecoins like this!
Sincerely,
Pele23