The post Did Haliey Welch’s Hawk Tuah Crypto Debacle Eclipse Bitcoin’s (BTC) $100K Moment? appeared on BitcoinEthereumNews.com.

One bitcoin is worth $100,000 — a milestone that has crypto OGs in a tizzy. Donald Trump is selling DOGE T-shirts. It’s a frenetic time for crypto. But what are my non-crypto friends texting me about? “Hawk Tuah” coin. Yep, in a very unscientific sample size of the seven friends who texted me — unsolicited — about crypto this week, six essentially asked: “What’s the deal with Hawk Tuah coin?” (The seventh asked about litecoin). That a low-level celebrity’s dalliance with memecoins would dominate the groupchat’s mindshare at the same time the original cryptocurrency smashed through a historic level points to a chasm between the crypto industry’s perception of itself and the general public’s — or at least my friends’ — perception. When HAWK launched Wednesday, it immediately rocketed up to a market capitalization of almost $500 million. Then, just as fast, it crashed below $100 million, wiping out individual investments once worth hundreds of thousands of dollars. It now fetches less than $30 million. Betting on memecoins is never a surefire investment strategy. But there were signs that Hawk Tuah was a worse investment than most. Its launch was marred by allegations of insider dumping (which the founders deny) and a pricey swap tax that failed to stop snipers from essentially manipulating its price. Most of the people who reached out to me didn’t know this level of detail. They’d just heard the “hawk tuah” woman, Haliey Welch, had launched a memecoin and it did not go very well. “It reinforces my previous belief that it’s all nonsense,” said one friend who bought bitcoin in 2020 but quickly sold. He acknowledged that bitcoin and Ethereum’s ether may have “certain technological advances.” And yet, “​​the fact that essentially anyone can create a new — potentially preferred — cryptocurrency at any…

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Filed under: News - @ December 6, 2024 6:29 pm