A cryptocurrency is nothing more than open-source computer code that practically anyone can copy, make some changes to, and call their own. Anyone with a laptop and some caffeine can create a cryptocurrency. The success of any coin depends on the promoter’s ability to hype the coin and a lot of gullible people willing to buy it. If you’re good at drumming up hype—or have a viral TikTok moment to cash in on—you can create a token, slap a meme on it, and watch the frenzy unfold.
A great example is the Hawk Tuah girl and her HAWK token.
The Hawk Tuah Story
Haliey Welch is a 21-year-old girl from Tennessee, a regular young woman working a blue-collar job in a factory.
One day, she went out with her friend to party and have a good time. When they came out of the club, they saw a couple of guys doing street interviews for their YouTube channel.
The guys were asking, “What’s one move in bed that makes a man go crazy?”
Her answer was: “You have to give a Hawk Tuah on that thang.” It was very funny and spontaneous the way she said it, in addition to the fact that she is a good-looking girl.
Here is the video.
After the video was posted, it went viral, with millions of people watching and sharing it. The original TikTok post has since generated 9.7 million views, but it has been reshared by other accounts so many times that numbers can’t capture the ubiquity of “hawk tuah.”
Haliey saw a once-in-a-lifetime opportunity and decided to take advantage of all the attention she was getting. Her Instagram account exploded, she started getting invited to different podcasts, she was invited to be on stage at a Zach Bryan concert, she threw out the 1st pitch at New York Mets game.
Eventually she met up with Jake Paul‘s media company and the idea arose to start her own podcast “Talk Tuah” podcast. So far, she has been doing great with her 15 minutes of fame.
The HAWK Token
Then, she met two Crypto-bros who proposed creating the HAWK token. They had the know-how to create a cryptocurrency, and she had the popularity.
She agreed to the HAWK token, gave away some free tokens, promoted the coin, and claimed everyone was going to get rich. After all, there are plenty of people willing to buy such a coin in the hopes of selling it at a higher price to someone even more gullible.
The coin went live on December 4, 2023. Within 15 minutes, the market capitalization of the coin reached $490 million. Everyone was happy, already celebrating. But less than 20 minutes after the launch, the coin began to drop in value until it had lost about 90% of its worth.
Where Is Haliey Now?
As for Haliey Welch, she has disconnected herself from Social Media and now one knows her whereabouts.
The truth is, most cryptocurrencies are nothing more than digital smoke and mirrors. Their value isn’t rooted in utility but in how effectively someone can sell you a dream. And dreams, as we’ve seen with the HAWK token, can turn into nightmares overnight.
Update. Halie Welch posted something
Other Cryptocurrency failures
several cryptocurrencies promoted by famous artists have failed, often leading to significant financial losses for investors. Notable examples include:
- EthereumMax (EMAX): Promoted by celebrities such as Kim Kardashian, Floyd Mayweather Jr., and former NBA player Paul Pierce, EthereumMax was marketed as a promising cryptocurrency. However, it experienced a significant drop in value, leading to a class-action lawsuit alleging that the celebrities engaged in a pump-and-dump scheme. Wikipedia
- Save the Kids (KIDS): This cryptocurrency was endorsed by members of the FaZe Clan, including Frazier Khattri (FaZe Kay), and other influencers. Marketed as a charity token, it quickly lost value after launch, leading to accusations of being a pump-and-dump scheme. The controversy resulted in FaZe Clan suspending or removing the involved members. Wikipedia
- Centra Tech (CTR): Endorsed by DJ Khaled and Floyd Mayweather Jr., Centra Tech conducted an initial coin offering (ICO) that raised over $32 million. The project was later found to be fraudulent, with its founders arrested and charged. The endorsing celebrities faced legal consequences for failing to disclose payments received for their promotions. Wikipedia
These instances highlight the risks associated with celebrity-endorsed cryptocurrencies, where promotional hype can lead to significant investor losses, especially when the projects lack transparency or viable business models.
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