People love celebrities, whether legendary musicians, famous comedians, or pop culture icons. Most of the time, these celebrities can do no wrong in the eyes of their fans. Still, with the rise of many celebrity meme coins flopping within just a short time after launching, some of these celebrities are facing fire from fans fed up with the losses they’ve incurred investing in these meme coins. One new celebrity has joined the ranks of many others who have launched unsuccessful memecoin projects, and her fans are not keeping quiet.

Hailey Welch, popularly known as the Hawk Tuah girl from a viral social media video, has come under massive fire from her fans as her meme coin, “HAWK,” has plunged by 90% since its launch. 

While Welch has denied making any insider sales contributing to the token’s rapid decline, many fans have termed the whole project another pump-and-dump scheme for which many celebrities are known. The allegations come from a controversial deployment involving insider wallets and snipers. 

Welch’s HAWK memecoin was launched as recently as 10:00 pm UTC on December 4. After launching, the coin’s market cap rapidly surged to $490 million. 

But soon enough, it all came crashing down just as quickly as the market cap went up. As of the time of writing, the coin is now trading at a valuation of $41.7, a staggering 91% downturn in a matter of hours from launch, according to DexScreener data. 

Aggregated data from Bubblemaps and DexScreener reveal that there might have been the involvement of insiders and snipers – entities used to buy up huge amounts of a token’s supply after launch – and that these entities controlled between 80% to 90% of HAWK’s supply at launch, which would mean that the coin could as well be a pump and dump scheme. 

Celebrity meme coins being manually manipulated by celebrities behind them is not rare. A good example of such an accusation is the Andrew Tate or Cobratate saga, in which the he was accused of making millions by deceiving his audience through cryptocurrency manipulation and his influence. Similarly to HAWK, Tate’s token started with a market cap of $6 million before eventually plummetting to $50,000 shortly after.

Welch responded to her allegations in a December 5 X post, stating that the team had not sold any tokens and no opinion leaders were given free coins either. She also claimed that the team had tried to reduce sniping possibilities by launching the token on the decentralized liquidity protocol Meteora. 

Despite Welch’s claims, data from Solscanner revealed that one wallet managed to snipe HAWK just seconds after launch, buying up 17.5% of the token’s total supply for $4,195 Wrapped Solana (WSOL).

The wallet also sold 135.8 million HAWK tokens for a profit of $1.3 million just an hour and a half after buying up.

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Celebrity meme coins crash big-time, losing over 90% in value.
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