On December 4, 2024, influencer Haliey Welch, known as Hawk Tuah Girl, launched her meme coin, $HAWK, which skyrocketed to a $500 million valuation before crashing to $60 million in just 20 minutes. Accused of a rug pull scam, Welch faced backlash after blockchain data revealed 96% of the coin's supply was held by 10 wallets. Despite denying insider trading and blaming "sniping," Welch's explanations failed to convince critics. Memes like "Rug Tuah" and "Jail Tuah" went viral, cementing $HAWK as a cautionary tale about crypto and influencer projects.
