The HAWK token crashed 87% around 30 minutes after launching

Coffeezilla: “This is one of the most miserable, horrible launches I’ve ever seen in my life…”

Haliey Welch: “Okay, then why the fuck are you on then?”

That snippet came from last night’s X Spaces for the HAWK memecoin launch by Haliey Welch, aka “The Hawk Tuah Girl.”

The majority of memecoin launches end up going nowhere, but none have cratered quite so quickly as HAWK.

In what might be the fastest rug pull of all time, HAWK launched yesterday to a $490 million market cap, and then nuked to a $64 million market cap within 30 minutes.

_{Source: Dexscreener}

HAWK has since dumped to a $27 million market cap at time of writing.

HAWK’s tokenomics might be the most egregious yet: Only 2% was allocated to the public with a 17% “Strategic Allocation” for KOLs that were fully unlocked on token generation.

Welch has publicly claimed that the internal team did not sell any tokens, but insiders were caught onchain doing so. According to Bubblemaps, 96% of the token supply was in a related cluster.

“Straight Tuah Prison” (TUAH), an alternative memecoin, launched as a response to the disaster. It has since climbed to a $12.3 million market cap. Maybe something good will come out of this after all.

Written by Donovan Choy for blockworks.co