Haliey Welch, a viral internet sensation, has launched her official HAWK token on the Solana blockchain, marking a new chapter in the burgeoning trend of celebrity-backed cryptocurrencies.
Earlier this year, Welch captured the internet's attention with the "hawk tuah" meme, transforming from a minimum-wage worker to a digital phenomenon almost overnight. Capitalizing on her newfound fame, Welch is now stepping into the crypto world.
Introduced in partnership with overHere, a token launchpad, the HAWK token went live on Solana-based exchanges at 22:00 UTC on Wednesday. In an initial surge, its market cap skyrocketed to $490 million before experiencing a steep decline. Welch engaged her social media followers and the meme community by distributing free tokens during a promotional campaign from November 26 to December 2. These tokens are locked for her use for a year and will vest over a three-year period.
Welch expressed her excitement in a prepared statement: "Who doesn’t love a good meme? Becoming part of meme culture led me to explore crypto, where I've learned a great deal. Launching my own token feels like a meaningful step for my fans and aims to shield my community from scams." A foundation in the Cayman Islands backs HAWK, ensuring full compliance with U.S. legal standards by employing a team of hired directors. Additionally, the token has attracted funding from international private investors, valuing the venture at $34.5 million initially.
The Solana ecosystem has seen a flurry of celebrity token initiatives, including many short-lived attempts in May, where various niche media artists launched tokens through Pump.Fun.
Many of these tokens experienced dramatic declines, losing 99% of their value within mere hours or days. However, Welch's team is committed to a long-term approach, aiming to foster a sustainable community around the HAWK token and her fan base.
Jonnie Forster, Welch’s manager, commented, "The $HAWK token offers an innovative avenue for Haliey to connect more closely with her audience. It not only empowers her supporters but also mitigates the bewilderment wrought by unauthorized coins exploiting her brand."