In the cryptocurrency field, every viral spread may give birth to a new token, and Hailey Welch's $HAWK token is the latest example. However, this flash boom and crash has brought a painful lesson to investors.

After $HAWK went online, its market value once soared to $490 million. However, it plummeted by 91% in just three hours, leaving a land of grief. Although Hailey tweeted that "the team did not sell tokens", on-chain data showed that 96% of the tokens were concentrated in ten associated wallets before the launch. A sniper wallet operator made a profit of $1.3 million in a short period of time with superb means, while ordinary investors could only watch their assets disappear into thin air.


Three hours of madness: the rise and fall of $HAWK tokens

After announcing the contract address on Twitter, Hailey attracted a large number of users to participate in $HAWK transactions, and the market value quickly soared. However, a sharp reversal also followed - the value of the token plummeted from its high point to only $41.7 million in a few hours. Although the team tried to set a high initial fee through the Meteora protocol to prevent sniping, this measure did not work.

A wallet address sucked away 17.5% of the token supply within seconds of going online, quickly cashing out nearly a million dollars. An ordinary investor who bought $HAWK with $1.4 million could only watch his investment go up in smoke.

Questions behind the token

As the token plummeted, public doubts focused on token distribution and high initial fees. According to Bubblemaps data, 96% of the tokens are concentrated in a few wallets, and the team responded: "These are in line with the public distribution plan." These include:

• 21% for community funds

• 20% for fans

• 30% reserve

• 17% strategic allocation

• 10% locked to Hailey

• 2% public allocation

Although the team claimed that Hailey’s tokens would be locked up for a year and would take three years to be fully unlocked, the losses of retail investors made it all seem insignificant.


Crisis Management: Unresolved Doubts

As the token price plummeted, Hailey Welch was questioned during a Spaces live broadcast. However, when faced with the questioning of the crypto industry detective Coffeezilla, she chose to leave abruptly, claiming that she was "going to sleep." Such behavior further aroused dissatisfaction and suspicion from the outside world.

The team then tried to calm the panic with a statement, emphasizing that the distribution was transparent and in line with the plan. However, these explanations seemed pale and powerless when the fact that a large number of tokens were concentrated in a few wallets and early investors frantically sold them for profit was revealed.

Celebrities and Tokens: The Price of Attention

Before the launch of $HAWK, Hailey Welch warned people to beware of fake tokens, but in the end, her own tokens became the focus of controversy. According to Coffeezilla, Hailey received a $125,000 advance payment and a portion of future earnings from the project. In her team's so-called "strategic allocation", 285 addresses fully unlocked tokens at launch, and many early investors quickly sold for profit, leaving latecomers to suffer losses.

The ruthless judgment of the market

Although the team has repeatedly denied any wrongdoing, law firms such as Burwick Law have called on victims to understand their legal rights, and some users have even filed complaints with the SEC. However, the lessons of the crypto market seem to be repeatedly ignored. In this era of chasing the "next skyrocketing coin", retail investors are often victims, while the real profit is the "invisible hand".

The story of Hailey Welch and $HAWK is not only a failed token launch, but also an ironic microcosm of the attention economy in the crypto industry. When investors are swept up in a short-lived viral frenzy, perhaps the only winners are those who know when to withdraw.

Perhaps the real question is not whether celebrity tokens can succeed, but when can we admit that this game is destined to be "zero-sum". For retail investors, the cost of repeating the same mistakes every time is a reminder that blind trust and chasing popularity are often the biggest threats to wallet health.