Welch's Hawk coin is getting blasted on social media after its valuation plummeted shortly after launch
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Golf influencer Paige Spiranac learned a lesson today: Stay far away from making a memecoin.
Haliey Welch, better known on social media as "Hawk Tuah Girl," has capitalized on her recent fame in numerous ways, but her latest attempt crashed and burned before it could even take off.
Welch launched her own cryptocurrency Wednesday, and it had a pretty good surge just hours into the launch, hitting a market cap of $490 million, according to Cointelegraph, which cited data from DexScreener.
Haliey Welch appears at SiriusXM Studios July 31, 2024, in Los Angeles. (Michael Tullberg/Getty Images)
However, within hours, the coin known as Hawk plummeted to just $41.7 million in valuation.
With controversy swirling around the coin, Spiranac posted on X with a slight jab at Welch and her team.
PAIGE SPIRANAC COMES TO DEFENSE OF SABRINA CARPENTER FOR EMBRACING HER SEXUALITY
If I’ve learned anything, it’s to never release a memecoin
— Paige Spiranac (@PaigeSpiranac) December 5, 2024
"If I’ve learned anything, it’s to never release a memecoin," the post said.
Honorary pace car rider Paige Spiranac poses for a photo on the grid before the NASCAR Cup Series Coke Zero Sugar 400 at Daytona International Speedway Aug. 24, 2024, in Daytona Beach, Fla. (Sean Gardner/Getty Images)
Bubblemaps, a site that analyzes data from the blockchain, found a few people owned the vast majority of Hawk, which led to controversy about "snipers," or investors who move quickly to buy a majority of new meme tokens when they launch.
Welch spoke about it on X, saying her team "tried to stop snipers as best we could through high fees in the start of launch," adding her insiders on the project had not "sold one token."
Paige Spiranac attends the Sports Illustrated Swimsuit Celebration of the 2024 Issue Release and 60th Anniversary with Swimsuit Island May 18, 2024, in Hollywood, Fla. (Alexander Tamargo/Getty Images for Sports Illustrated Swimsuit)
The 22-year-old overnight celebrity told Fortune that Hawk was not meant to be a "cash grab." She said that while she used to view cryptocurrency as a scam, she changed her mind because it’s a "fun way to get my fans to interact."
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Scott Thompson is a sports writer for Fox News Digital.
