‘Hawk Tuah’ girl’s memecoin launch fails spectacularly
The HAWK token crashed 87% around 30 minutes after launching
overhere.gg modified by Blockworks
This is a segment from the 0xResearch newsletter. To read full editions, subscribe.
Coffeezilla: “This is one of the most miserable, horrible launches I’ve ever seen in my life…”
Haliey Welch: “Okay, then why the fuck are you on then?”
That snippet came from last night’s X Spaces for the HAWK memecoin launch by Haliey Welch, aka “The Hawk Tuah Girl.”
The majority of memecoin launches end up going nowhere, but none have cratered quite so quickly as HAWK.
In what might be the fastest rug pull of all time, HAWK launched yesterday to a $490 million market cap, and then nuked to a $64 million market cap within 30 minutes.
Source: Dexscreener
HAWK has since dumped to a $27 million market cap at time of writing.
HAWK’s tokenomics might be the most egregious yet: Only 2% was allocated to the public with a 17% “Strategic Allocation” for KOLs that were fully unlocked on token generation.
Welch has publicly claimed that the internal team did not sell any tokens, but insiders were caught onchain doing so. According to Bubblemaps, 96% of the token supply was in a related cluster.
“Straight Tuah Prison” (TUAH), an alternative memecoin, launched as a response to the disaster. It has since climbed to a $12.3 million market cap. Maybe something good will come out of this after all.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- The Drop: Apps, games, memes and more.
- Lightspeed: All things Solana.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
