Haliey Welch, the social media personality who became known as the'Hawk Tuah Girl', has found herself at the centre of one of the most talked‑about crypto sagas of recent years after the memecoin she promoted briefly reached a $500 million (£370.97 million) market capitalisation before crashing.
Despite widespread speculation about her earnings from the venture, Welch has said publicly that she did not make a profit from the token, raising fresh questions about her actual net worth in the aftermath of the collapse.
Welch first rose to prominence in mid‑2024 when a short TikTok clip featuring her catchphrase 'Hawk Tuah' went viral, bringing her millions of followers on platforms such as Instagram and TikTok. Capitalising on her sudden fame, she diversified into merchandise sales and podcasting, gaining further media attention and monetising her online presence.
In early December 2024, Welch announced the launch of her own cryptocurrency token, $HAWK, on the Solana blockchain. The token quickly garnered attention from retail investors and surged to a reported market cap near $500 million (£370.97 million) within hours of launch.
The meteoric rise was short‑lived, with thememecoin's value collapsingby more than 90 per cent shortly after its peak, leaving the market cap significantly reduced. This sudden drop wiped out considerable investor value and sparked furious reactions online from individuals who had bought into the token.
Blockchain analysis suggested that a large proportion of the $HAWK token's supply was held by a small number of wallets, making it particularly susceptible to large sell‑offs. These dynamics led some observers to describe the collapse as akin to a 'pump and dump' scenario, though there is no legal finding validating that characterisation.
In the wake of the crash, Welch has consistently maintained that she did not personally profit from the memecoin beyond a modest marketing fee. On her'Talk Tuah' podcastshe said she was paid a marketing fee and 'did not make a dime from the coin itself', adding that she felt regret for anyone who lost money in the investment.
This public explanation aligns with reports from analysts who noted that influencer‑promoted tokens often compensate creators through flat fees rather than performance‑linked payouts, meaning that a token's total market cap is not indicative of an individual's net worth.
The collapse triggered a class action lawsuit against the creators of the memecoin rather than Welch herself, and aregulatory probe into Welch's involvementwas closed by the U.S. Securities and Exchange Commission without charges or monetary sanctions being brought against her. Her attorney has confirmed that the SEC concluded its review without finding evidence of wrongdoing on her part.
Welch has since stepped away from promoting the token and reportedly parted ways with the company behind its launch, focusing instead on other ventures such as her podcast and a documentary project about her rise to prominence.
Source: International Business Times UK
