Haliey Welch, the internet sensation behind the summer’s viral “Hawk Tuah” catchphrase, has taken her fame to a new frontier: cryptocurrency. Welch has announced the launch of her memecoin, HAWK, on the Solana blockchain. Known for her unapologetic persona and meteoric rise to fame, Welch insists her venture is “not just a cash grab.”
While memecoins are often viewed as speculative ventures, Welch and her team argue that HAWK is designed to deepen connections with her fanbase. “I want to change how people think about crypto,” Welch told Fortune in an interview, though specifics about the coin’s utility remain scarce.
From Viral TikTok Star to Crypto Pioneer
Haliey Welch rose to fame after a candid TikTok video featuring her distinct Southern twang and offbeat humor captured the internet’s imagination. What started as a viral moment turned into a burgeoning personal brand, including a merchandise line, a podcast that debuted as Spotify’s third most popular, and even a ceremonial pitch at a New York Mets game.
Now, Welch is leveraging her online presence to enter the chaotic yet potentially lucrative world of memecoins, cryptocurrencies inspired by internet culture. Memecoins often ride waves of viral trends, attracting communities of crypto enthusiasts known as “degens,” short for degenerates.
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What Is HAWK, and How Does It Work?
Welch’s memecoin, HAWK, launches on the Solana blockchain, a platform known for its speed and efficiency. Unlike traditional cryptocurrencies focused on payments or decentralized finance, memecoins thrive on internet virality and speculative trading.
Welch and her manager, Jonnie Forster, have been careful to position HAWK as distinct from other celebrity-backed crypto projects. Instead of selling tokens outright, Welch plans to distribute them for free to her fans and merchandise buyers. She will retain 10% of the coin’s total supply, locked for a year to avoid any perception of a “pump-and-dump” scheme.
Forster described the coin as “almost tokenizing Haliey’s fan base,” emphasizing that the project is about fan engagement rather than financial speculation.
A History of Celebrity Crypto Mishaps
Welch’s foray into cryptocurrency comes with significant risks, given the checkered history of celebrity involvement in the space. Prominent figures like Kim Kardashian and Floyd Mayweather have faced legal action from the U.S. Securities and Exchange Commission (SEC) for failing to disclose financial incentives tied to their promotions of crypto tokens.
When asked about these high-profile cases, Welch admitted she was unaware of them but emphasized that her approach is different. “I don’t really see it as a gambling thing,” she said. “It’s a fun way to get my fans to interact.”
Still, the lack of clear use cases or benefits for HAWK token holders could raise questions about its regulatory compliance and long-term viability.
Crypto’s Cultural Shift: From Finance to Memes
Welch’s move into memecoins highlights a broader trend in the cryptocurrency world. Once dominated by serious financial innovation, crypto has increasingly become a playground for viral trends and speculative trading.
Memecoins, such as Dogecoin and Shiba Inu, have gained popularity as a form of social gambling, where communities rally around shared jokes or internet phenomena. While critics argue that these coins undermine the long-term vision of cryptocurrency, others see them as a way to “financialize communities” and create new forms of online interaction.
Eddy Lazzarin, CTO of Andreessen Horowitz Crypto, likened memecoins to “casinos,” pointing out their speculative nature. Welch, however, maintains that HAWK is more about community engagement than financial gain.
Navigating Crypto’s Complex Landscape
Welch’s journey into the crypto world began earlier this year when she attended major industry events, including the Bitcoin conference in Tennessee and Korea Blockchain Week. These appearances introduced her to the nuances of blockchain technology and sparked her interest in leveraging crypto to build her brand.
Welch’s manager revealed that her interest in crypto was initially sparked by conversations with other celebrities, including rapper Lil Pump. Her subsequent involvement with events like the crypto-backed Karate Combat league cemented her decision to explore the space further.
While Welch’s understanding of the technical aspects of crypto remains limited, she views blockchain as a “good way to interact with fans” and aims to make HAWK a centerpiece of her engagement strategy.
HAWK’s Place in the Crypto Ecosystem
HAWK’s launch adds another chapter to the ever-evolving story of celebrity-backed cryptocurrencies. Unlike institutional initiatives from companies like BlackRock and Fidelity, which focus on legitimizing Bitcoin and other assets, HAWK is firmly rooted in crypto’s playful, meme-driven subculture.
For Welch, the memecoin offers a way to stay connected to her audience while capitalizing on her viral fame. However, the coin’s ultimate success will depend on its ability to deliver tangible value to its community beyond the initial hype.
Celebrity Crypto: A Double-Edged Sword
Welch’s entry into cryptocurrency underscores both the opportunities and pitfalls of blending internet culture with blockchain technology. On one hand, her memecoin could serve as a model for how influencers can use crypto to foster deeper relationships with their fans. On the other hand, it risks becoming another cautionary tale in the volatile world of celebrity crypto ventures.
By distributing tokens for free and avoiding explicit financial promises, Welch and her team hope to sidestep the legal and reputational challenges that have plagued other celebrity projects. Whether this approach will resonate with fans and regulators alike remains to be seen.
The Road Ahead for HAWK
As HAWK launches, Welch faces the challenge of proving that her memecoin is more than a fleeting internet sensation. With plans to build “fan engagements” around the token, Welch and her team aim to carve out a unique niche in the crypto world.
For now, Welch remains optimistic. “I think it’s a really good thing,” she said, reflecting on her journey from viral TikTok star to crypto entrepreneur. Whether HAWK can transcend the speculative nature of memecoins and deliver lasting value will determine its place in the crowded crypto ecosystem.
In a world where memes and markets collide, Welch’s venture is a bold experiment—one that could either redefine the relationship between influencers and crypto or serve as another fleeting moment in the ever-changing landscape of internet culture.
