Hawk Tuah Meme Coin Plunges 93% After Launch; Haliey Welch Issues Apology and Distances Herself from Solana-Based Scandal
Haliey Welch, known for her viral ’Hawk Tuah’ catchphrase, publicly apologized after the Hawk Tuah (HAWK) meme coin suffered a dramatic collapse, losing 93% of its value within minutes of launch on Solana. The token briefly hit a $490 million market cap before facing accusations of a rug pull, leaving many holders at a loss. Welch admitted she did not fully understand the cryptocurrency market when endorsing the project and expressed regret for investors’ losses, also clarifying that she was not officially involved in the coin’s development or launch. The token’s backers include Doc Hollywood (Alex Larson Schultz), OverHere Limited, Clinton So, and the Tuah the Moon Foundation. This incident has triggered significant backlash against both meme coin speculation and the responsibility of influencers. For crypto traders, the Hawk Tuah crash is a cautionary tale, underscoring the extreme risks of investing in meme coins promoted via social media or celebrity associations and highlighting the importance of due diligence before investing in unproven projects.
Bearish
The severe and rapid decline of Hawk Tuah (HAWK) following its launch—plummeting 93% within minutes and drawing accusations of a rug pull—signals an extreme loss of market confidence in the token. Public regret and distancing by Haliey Welch, the influencer linked to the coin’s promotion, further undermines trader trust. Such high-profile collapses typically trigger increased fear and caution among both retail and institutional participants, not only for HAWK but for similar meme coins, often resulting in sell-offs or avoidance of associated assets over the short term. In the longer term, repeated incidents like this may lead to greater scrutiny for meme coins and influencer-backed projects, potentially shrinking liquidity and price activity in the sector. For HAWK specifically, the outlook remains bearish as reputational damage and loss of holder confidence are unlikely to recover quickly.