Shortly after its inception, Hailey Welch‘s cryptocurrency $HAWK fell from $500 million to less than $60 million, sparking criticism.
Following the demise of her recently established cryptocurrency, $HAWK, Hailey Welch, who is well-known for originating the famous “Hawk Tuah” meme, has faced criticism.
After making its debut on the Solana blockchain on Wednesday, the meme coin immediately saw a sharp increase in value, hitting $500 million in only a few short moments. But in a couple of minutes, its value fell precipitously, falling below $60 million.
Online, the sharp drop provoked a lot of criticism, with many people accusing Welch of planning a fraud. Legal problems soon surfaced as social media critics called the currency a fake.
Reaction of Hailey Welch and her manager
“We don’t want to violate securities laws,” Hailey Welch’s manager said. We would argue that, in a way, we’re tokenising Hailey’s fan base.
Not a single KOL received a free token, and the team hasn’t sold any. Welch herself took to X to defend the commencement of launch on @MeteoraAG, saying, “We tried to stop snipers as best we could through high fees.”
It was a fraud, Justice for Hawk Tuah. To set an example and teach other celebrities not to mistreat their fans, Hailey Welch need to spend some time behind bars,” a commenter wrote.
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