The launch of Hailey Welch’s memecoin, HAWK, on Dec. 4 created shockwaves in the cryptocurrency world, drawing attention for both its meteoric rise and abrupt collapse. Commonly known online as the “Hawk Tuah Girl,” Welch became an internet sensation earlier this year after a viral video of her making a comical spitting sound captivated meme culture enthusiasts worldwide. Building on her newfound fame, Welch introduced the HAWK token on the Solana blockchain, which achieved an astounding $500 million market cap within moments of its release.

However, this soaring success was fleeting. Within just 20 minutes, HAWK’s value plummeted to $60 million, an 88% drop that left the crypto community reeling. The event was confirmed by Solana’s official account on X (formerly Twitter), with many expressing concern over the circumstances surrounding the crash.

Critics were quick to speculate that HAWK may have been created as a rug pull, a type of cryptocurrency scam where developers drain liquidity or abandon a project, causing prices to nosedive. Reports from the community suggested the token supply was “sniped” shortly after launch, with early investors or bots allegedly acquiring significant quantities. This practice, which limits access to broader investors and concentrates holdings in the hands of a few, is often viewed as a red flag for a project’s legitimacy.

Despite the controversy, not all investors have lost hope. A user named ZeusLFG posted optimism about the token, refusing to sell and encouraging others to hold. Meanwhile, trading activity for HAWK has surged by over 951%, as recorded by CoinMarketCap, keeping it in the spotlight.

The incident has reignited debates about the inherent volatility and risks of memecoins, a sector of the cryptocurrency market that often attracts speculative behavior. Many members of the community are demanding greater transparency from Welch and her team, calling for additional disclosures to address concerns about HAWK’s future. For now, the token remains under scrutiny as investors and regulators alike watch closely to see how the story unfolds.