Original Author: REKT
Original Translation: Block unicorn
Some people only enjoy that brief 15 minutes of fame, as dazzling as fireworks; others, however, are like old clowns stuck on stage, lingering too long, awkwardly unable to exit…
In this era of "seeking attention" in the cryptocurrency space, every moment of viral spread seems to give birth to a new token. Thus, we welcomed the Hawk Goddess girl—Hailey Welch and her $HAWK token, which once soared to an astonishing market cap of $490 million, only to plummet 91% just three hours later.
Despite Hailey Welch tweeting assurances that "the team did not sell any tokens," on-chain data revealed a starkly different truth—96% of the tokens were concentrated in ten associated wallets before the launch.
A "sniper" wallet operator easily profited $1.3 million, while ordinary investors watched helplessly as their investments turned to dust.
In this age where celebrity-backed tokens have become a "disaster crash course," $HAWK may have just set a record.
As investors lamented, law firms began to circle, and some were already quietly complaining: "HAWK token needs a lawyer." Perhaps attracting too much attention is not a good thing.
"This is not a money-grabbing scheme." Before launching the $HAWK meme coin, Hailey Welch claimed. This project, supported by the Web3 incubation platform overHere and claiming to build a bridge between the mainstream and crypto worlds, ultimately proved unstable. Just three hours later, the $430 million market cap evaporated like air.
"HAWK is live!" she posted the contract address on Twitter, guiding thousands to flood in, only to see them all wiped out. What followed would make even seasoned crypto veterans frown: HAWK surged 900%, with its market cap skyrocketing to $490 million.
Then, gravity hit. The token's value collapsed by 91%, leaving a market cap of just $41.7 million, all within a few hours. The team's solution to prevent sniping was to set high initial fees on the Meteora protocol. However, spoiler alert: this method was utterly ineffective.
An exceptionally sharp "predator" not only successfully sniped but also executed a "carpet bombing." Just seconds after launch, one wallet quickly siphoned off 17.5% of the token supply, completing the transaction with 4,195 WSOL (approximately $965,400) with ease.
Only 90 minutes later, this wallet flipped about 178 million HAWK tokens, earning a profit of $1.3 million.
Meanwhile, ordinary investors at the other end of the food chain were "plucked of their feathers, unable to fly again." It was reported that one unfortunate investor exchanged $1.4 million worth of MOODENG for HAWK, only to watch their investment evaporate like promises in a bull market.
If the drama of the launch wasn't enough, next came the appearance of crypto's "favorite" detective, Coffeezilla. He crashed into the Hawk Goddess's Spaces live stream, attempting to question the truth behind the so-called "multi-million dollar scam."
His sudden appearance pushed the already chaotic token launch to a climax, but it didn't last long, as he was muted.
Did she say anything?
The Spaces live stream continued, but the damage was done; Coffeezilla (a crypto detective who exposes scams) ignited an uncontrollable fire.
When the discussion turned to those suspicious fees and token distribution issues, Hailey Welch made one of the most "Hawkward" exits in crypto history—suddenly announcing during the live stream that she was going to "sleep."
Nothing makes a project seem more "legitimate" than a virtual "Irish goodbye" to avoid tough questions.
All of this left investors wondering: if there was truly nothing to hide, why the rush to "pretend to sleep"? However, watching millions evaporate in just a few hours, sleeping may have become the only "safe haven" in the face of angry investors. Yet, when funds evaporate in mere hours, can any explanation truly extinguish the anger?
Crisis management soon followed…
"The FUD (fear, uncertainty, doubt) has gotten out of hand, let us explain," the overHere team began an attempt to salvage the narrative.
In response to the Bubblemaps data showing that 96% of tokens were concentrated in a few wallets, their defense was: "Everything aligns with the tokenomics."
The team claimed that these concentrated wallets merely reflected the public distribution plan:
21% allocated to community fund
20% allocated to Hailey's fans
30% reserved
17% strategic allocation
10% allocated to Hailey (locked)
Only 2% publicly allocated
"Hailey's team absolutely did not sell any tokens," they insisted, explaining that her token allocation is locked for a year and will take three years to fully unlock.
Perhaps this is a noble gesture—if the other 90% of the tokens didn't have "free reign." When a token plummets 91% in three hours, does the market mechanism care about your lock-up period?
Birds of a feather flock together
But this "eagle" did not fly alone; the token's launch did not happen in a vacuum.
A month prior, Hailey Welch issued a thought-provoking warning: "Not my token, be careful not to get scammed." She also directed people to consult Doc Hollywood and SolanaSweeper regarding MEME coin business.
It turned out she was half right—indeed it was her token, but the "scam" part has stood the test of time.
In Coffeezilla's (crypto detective) video, Welch's lawyer inadvertently revealed her actual compensation—$125,000 in upfront fees, plus a 50% cut from the tokens she allocated. As the token continued to decline, law firms gathered like vultures after a desert rain.
Burwick Law invited anyone who lost money in $HAWK on X to "understand their legal rights." Some users claimed they had filed complaints with the SEC—perhaps after SafeMoon investors get their refunds, it will be their turn. The real judgment may not come from regulators or lawyers, but from the market itself.
While criticism focused on the Welch team, on-chain data revealed another "culprit"—part of the 17% of strategically allocated tokens flowed to 285 investors from the HAWKXJ address, fully unlocked at launch.
These "early birds" did not hesitate, quickly selling off to later investors. When early investors profit from later ones, should we blame the token's spokesperson or those selling off the "invisible hand"?
At least one cunning sniper wallet made off with $1.3 million, while countless others faced a lighter "baggage" than expected.
At least some saw these warning signs, while others were busy refreshing Twitter, searching for the next viral moment. In the attention economy of crypto, perhaps the true "winners" are those who know when to shift their gaze. In the attention economy, is infamy as valuable as fame?
In the endless chase for the "next moonshot coin" in the crypto world, even a brief fifteen minutes of fame can feel incredibly long.
While Hailey Welch soared from internet MEME to issuing MEME coins, many investors also paid a painful tuition in this viral traffic frenzy, learning the true cost of "explosive fame."
Now, every crypto player should be well-versed in the textbook "How to Avoid Being Harvested"—Chapter One: Celebrity tokens are a significant threat to wallet health.
However, history always repeats itself, and retail investors continue to chase celebrity tokens like moths to a flame, ignoring the increasingly expensive "cost" of this game. As P.T. Barnum is said to have remarked: "There’s a sucker born every minute, and two con men waiting to fleece him." In the attention economy of the crypto industry, this probability even seems somewhat conservative.
The intersection of traffic and crypto urgently needs a new "gatekeeper" role—one that can bridge the gap between viral traffic and sustainable tokens, while preventing more reputations from being damaged and wallets emptied before it all continues to happen.
Perhaps the true "carpet harvesting" does not come from the friends we meet along the way, but from our blind faith that "this time will be different."
As law firms eagerly await, and regulators sharpen their knives, how many fans need to be "plucked" before we admit: sometimes, there are too many minutes in fifteen minutes of fame?
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