Memecoins
Memecoin $HAWKTUAH Soars 800% After Launch, Then Falls Due to Massive Selloff
A recently launched meme-inspired cryptocurrency, inspired by the words of a Tennessee woman named Hailey Welch in a viral video that took the internet by storm, saw its price explode by more than 800% shortly after its launch, only to suffer a major correction.
The memecoin, $HAWKTUAH, was inspired by a video of Welch being interviewed on TikTok, in which she was asked to do a move “in bed that drives a man crazy every time,” to which she responded in a Southern response, “oh you gotta give him that hawk tuah and spit on that thing,” with the ticker resembling the spitting noise she was making.
The video went viral, spawning numerous remixes, merchandise, and making Welch famous. The memecoin it inspired spiked to $0.039 shortly after its launch, but has since fallen back to around $0.0053 at the time of writing.
HAWKTUAH Chart via CoinMarketCap
This significant drop likely came as the developers behind the memecoin and its early adopters began selling into the market as its adoption grew. Notably, it saw growth at a time when large cryptocurrency whales were depositing millions of memecoins on major cryptocurrency exchanges.
According to on-chain analytics firm SpotOnChain, a whale deposited 1.08 trillion SHIB tokens worth about $18.12 million on the leading cryptocurrency exchange after accumulating them between November and December 2023 at the market’s bottom. Their accumulation when prices were low netted them an estimated $8 million in profit for a 79% return.
Meanwhile, a second whale deposited 700 billion PEPE tokens onto the exchange, worth $7.8 million, while retaining an additional 800 billion PEPE tokens. The deposit resulted in a loss of approximately $3.47 million, or 15%.
Read also : AI Prediction: Dogecoin ($DOGE) vs. Pepe ($PEPE) – Which is Likely the Better Buy for the Rest of 2024?
Despite the drop in memecoin prices, some traders continue to make millions of dollars investing in them. One trader, likely a project insider, recently made over $3 million in 30 minutes with the Solana-based $BAKED token.
Featured Image via Unsplash.