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‘Hawk Tuah’ Girl’s $HAWK Memecoin Soared, Then Crashed Within Hours

$HAWK launched on Solana on December 4, 2024, then lost more than 90% of its reported market capitalization within hours. The figures, on-chain findings, project responses and lawsuit allegations are distinct pieces of the story.
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Haliey Welch, known as the “Hawk Tuah” girl, launched the Solana-based $HAWK memecoin on December 4, 2024. Its reported market capitalization surged and then fell by more than 90% within hours. The figures vary by source, and the rapid collapse does not, by itself, establish who caused it or whether anyone acted illegally.

What happened to the Hawk Tuah coin?

Welch announced the planned launch with Web3 launchpad OverHere on November 26, 2024, alongside an allowlist campaign, according to TRM Labs. The token launched on Solana on December 4. Reports differ on the exact debut time: TRM gives 5 p.m. Eastern, while The Block’s contemporaneous account says around 4 p.m. Eastern.

After launch, HAWK’s reported market capitalization rose sharply and then plunged within hours. These are source-specific estimates, not two measurements that can be reconciled into one settled peak:

Source Reported trajectory What the figure describes
TRM Labs About $490 million at the peak, then a 91% decline to $41.7 million within hours TRM’s account of the token’s market-cap trajectory
The Block Roughly $400 million at the peak, followed by a decline of more than 90% The Block’s contemporaneous December 5 report

Market capitalization is a calculated estimate, not the amount of cash invested or withdrawn. The reported collapse describes the scale of the market move; it does not identify its cause.

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What did blockchain analysis show?

TRM Labs’ tracing reported concentrated token holdings. It said one wallet acquired 17.5% of the total supply seconds after launch and sold rapidly. TRM also described funding flows from a project-controlled address to “strategic investors.” These are attributed on-chain observations. They do not, on their own, establish who controlled the wallets, whether the actors coordinated, or whether any conduct was unlawful.

The Block also reported claims that wallets associated with insiders controlled a large share of the supply. Wallet association and token concentration can raise questions about distribution, but they are not proof of a person’s identity or intent.

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How did Welch and OverHere respond?

On December 5, The Block reported Welch’s denial that the team had sold tokens. She wrote: “Team hasn’t sold one token and not 1 KOL was given 1 free token.” This is Welch’s statement, not an independently verified finding.

The Block reported that OverHere said wallet clusters reflected transfers consistent with the tokenomics. It also reported OverHere’s account of a 10% team allocation, subject to a 12-month lock and three-year linear vesting. That allocation and explanation should likewise be understood as the project’s reported position, not as proof of who controlled particular wallets or what happened to tokens.

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What did the lawsuit allege?

Investors filed suit on December 19, 2024, against Alex Larson Schultz, OverHere Limited, Clinton So, and Tuah The Moon Foundation, alleging violations of federal securities laws. The complaint alleged that HAWK was an unregistered security and that the marketing led buyers to expect profits from the team’s efforts. Those are allegations, not adjudicated findings.

The Block reported that twelve plaintiffs claimed aggregate losses exceeding $151,000. An announcement by Wolf Popper and Burwick Law described 17 plaintiffs in individual complaints as well as a class complaint. The accounts describe different complaint groupings; their counts should not be combined as if they referred to a single list of plaintiffs.

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In a statement quoted by The Block on December 19, an OverHere spokesperson said: “We have been extremely transparent about the limited scope and extent of our involvement in the Hawk Tuah token project. We are confident that we have done nothing wrong. As for any litigation, we will let the process play out in court.” That is the company’s response, not a court’s conclusion.

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What was reported later about Welch?

On May 21, 2025, The Block reported Welch’s account that the FBI and SEC had cleared her. The report attributed that account to Welch; it was not an announcement from either agency. The Block also reported that she was not named as a defendant in the investor suit. On her podcast, Welch said: “I trusted the wrong people that screwed me.” That quote reflects her account and does not establish responsibility as a court finding.

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The cited coverage establishes that investors filed a complaint and later reported Welch’s account of agency clearance. It does not establish the lawsuit’s final disposition.

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