Golf influencer Paige Spiranac learned a lesson today: stay far away from making a memecoin. Haliey Welch, a social media personality known as “Hawk Tuah Girl,” launched her own cryptocurrency, Hawk, on Wednesday, which experienced a surge in value, reaching a market cap of $490 million within hours of its launch. However, the coin’s value quickly plummeted to $41.7 million, sparking controversy and criticism surrounding the coin’s governance and potential “snipers,” or investors who quickly buy up the majority of new meme tokens.
Spiranac took to X to share her experience, saying, “If I’ve learned anything, it’s to never release a memecoin.” She implied that she had learned a valuable lesson from Welch’s failed attempt to launch a successful memecoin.
Bubblemaps, a site that analyzes data from the blockchain, found that a few individuals owned the majority of Hawk, leading to concerns about “snipers.” Welch attempted to address these concerns, saying that her team had tried to prevent “snipers” through high fees on the launch, and claimed that her insiders had not sold a single token.
Welch, who is 22 years old, stated that her intention behind the coin was not to make a “cash grab.” She claimed to have changed her views on cryptocurrency, seeing it as a “fun way to get my fans to interact.” The incident serves as a cautionary tale for those considering investing in memecoins.
