Hawk Tuah Girl’s Memecoin Crash Sparks Insider Trading Accusations

Hailey Welch, the viral internet sensation popularly known as “Hawk Tuah Girl,” is under fire on X after her newly launched memecoin, HAWK, dipped by over 90% just minutes after its launch.

The memecoin, which Welsh had been teasing on her page for some time, rose rapidly, reaching a market capitalization of $490 million. But, just a few minutes later, it fell by over 90% to a mere $41 million market cap, raising concerns about insider trading and sniping by Welsh and her team.

Welsh quickly released a statement on her X page, denying the allegations.The Hawk Tuah Controversy

“Team hasn’t sold one token and not 1 KOL was given 1 free token. We tried to stop snipers as best we could through high fee’s in the start of launch on @MeteoraAG. Fee’s have now been dropped,” Welsh said in an X post.

However, data from Bubblemaps indicates otherwise. It shows that a cluster of wallets contained around 96% of the memecoin’s total supply bought at the token’s launch. One user also posted a screenshot showing that Welsh’s team and other insiders had been gradually selling the token since its launch.

Moreover, data from Solscan, a Solana block explorer, shows that one wallet sniped 17.5% of HAWK’s total supply, netting a $1.3 million profit after it sold.

Welch may face legal consequences if allegations prove to be true. Burwick Law, a digital consumer protection firm, recently announced that anyone who lost money to $HAWK should contact them.

Meanwhile, a parody coin calling for Welch’s arrest by the SEC is now trending on Dexscreener.