Haliey Welch's 'Hawk Tuah' Memecoin Faces Backlash and Price Plunge

Social media influencer Hailey Welch is facing scrutiny over the launch of her cryptocurrency "HAWK," which saw its market cap plummet from $500 million to $28 million shortly after its release. Accusations of "rug pulling" have been made, suggesting the coin's creators hyped the coin to sell at a profit, leaving investors with devalued tokens. Welch denies these claims, attributing the price drop to "snipers"—bots that manipulate token prices. The controversy highlights ongoing concerns about the transparency and risks associated with memecoins.