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Hailey Welch, better known online as the “Hawk Tuah girl” who became an overnight internet sensation with a woman-on-the-street interview, launched her own cryptocurrency on Wednesday. Welch has turned her 15 minutes of internet fame into a full-blown new media endeavor with a podcast. But the content creator was immediately on the defensive after the market cap of her token hit $490 million, only to plunge over 90% just a few hours later.
But whatever Welch’s motivation, she’s now defending herself against charges that someone on her team has been responsible for a rug pull—the term for launching a coin, getting people to buy it through tremendous hype, and then selling in a manner that extracts all the liquidity, leaving suckers who bought the coin holding worthless ones and zeroes.
Enormous amounts of the coin were sold in the hours after launch, taking the coin from a listed market cap of $490 million to a market cap of just $41.7 million after a few hours, as crypto news outlet CoinTelegraph reports. But that was Wednesday. Here on Thursday, it’s fallen ever further, with a market cap of just $28.4 million and liquidity of just $1.6 million
But whatever Welch’s motivation, she’s now defending herself against charges that someone on her team has been responsible for a rug pull—the term for launching a coin, getting people to buy it through tremendous hype, and then selling in a manner that extracts all the liquidity, leaving suckers who bought the coin holding worthless ones and zeroes.
Enormous amounts of the coin were sold in the hours after launch, taking the coin from a listed market cap of $490 million to a market cap of just $41.7 million after a few hours, as crypto news outlet CoinTelegraph reports. But that was Wednesday. Here on Thursday, it’s fallen ever further, with a market cap of just $28.4 million and liquidity of just $1.6 million