$HAWKTUAH Memecoin Skyrockets 800% Post-Launch, Plummets Amid Massive Sell-Off

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As an experienced analyst, I’ve seen my fair share of meme-inspired cryptocurrencies come and go. The recent surge and subsequent correction of $HAWKTUAH, a memecoin inspired by Hailey Welch’s viral video, is no exception.

As a researcher studying the dynamic world of cryptocurrencies, I’ve come across an intriguing case: a meme-inspired digital currency was unveiled not long ago, drawing inspiration from the viral video featuring Hailey Welch from Tennessee. The hype surrounding this new coin led to an astonishing price surge of over 800% shortly after its launch. However, this meteoric rise was followed by a substantial correction.

As a researcher, I’ve uncovered an intriguing origin story for the memecoin $HAWKTUAH. It all started when Welch appeared in a TikTok interview, where she was asked to share a secret move that leaves men enamored. In her signature Southern drawl, she answered with “you gotta give him that hawk tuah and spit on it.” The ticker symbol for this cryptocurrency is said to represent the spitting sound Welch made during the interview.

As a crypto investor, I’ve witnessed firsthand the explosive popularity of that viral video, leading to countless remixes, merchandise sales, and propelling Welch into the limelight. The memecoin inspired by it experienced a significant price increase, peaking at $0.039 just after its launch. However, its value has since dropped, now hovering around $0.0053 as I write this.

It’s plausible that the substantial drop occurred when the creators and initial supporters of the memecoin began offloading their holdings as its popularity expanded. Simultaneously, large-scale cryptocurrency investors deposited vast amounts of memecoins onto major exchanges.

Based on data from crypto analytics firm SpotOnChain, a large investor transferred 1.08 trillion SHIB tokens, equivalent to around $18.12 million, to the foremost cryptocurrency exchange between November and December 2023. Having bought during the market depression, they stand to make an approximate profit of $8 million, representing a substantial return of approximately 79%.

Simultaneously, another whale transferred 700 billion PEPE tokens onto the exchange, equivalent to $7.8 million, and held on to an extra 800 billion PEPE tokens. This action resulted in a loss of approximately $3.47 million or roughly 15% of their initial holding value.

In spite of the significant decline in value for meme coins, some investors continue to amass substantial fortunes by trading in this asset class. An individual, possibly holding insider information about a project, recently pocketed more than $3 million within half an hour through investing in the Solana-backed $BAKED token.

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2024-07-03 05:47