Popular talent Hayley Welch has released her official token on the Solana blockchain. This is the latest in a long line of celebrity tokens circulating on the network.
Welch made headlines earlier this year for using the onomatopoeic word “taka tua” to describe a sexual act. “Hawk Tuah” quickly became a meme phase across social platforms, turning Welch from a minimum wage worker who didn't even have an Instagram account to an overnight sensation.
As is often the case with memes, “Taka Tua” has now appeared on the blockchain. Welch's HAWK token was launched on Solana-based exchanges on Wednesday at 22:00 UTC in partnership with token launchpad overHere.
Minutes after HAWK began trading, its market cap soared to $491 million, before dropping below $100 million.
Welch previously distributed free tokens to social media followers and supporters within the meme and NFT communities during a campaign that ran from November 26th to December 2nd.
According to a statement shared with CoinDesk, Welch will not be able to sell the acquired HAWK tokens for one year and will vest for three years.
“Who doesn't love a good meme?” Welch said in a prepared statement. “Becoming part of the meme culture got me interested in the world of cryptocurrencies and learned a lot along the way. Launching our own token feels like the perfect next step for our fans. It's not just about creating something meaningful, it's also about protecting your own tokens by a community of scammers.”
HAWK is supported by a Cayman Islands foundation through full legal compliance in the United States with employed directors. The company has raised funding from a group of non-US private investors at an initial valuation of $34.5 million.
Celebrity tokens became a brief fad within the Solana ecosystem earlier this year, with several niche and forgotten media artists using Pump.Fun to release tokens during the heat of May.
Most tokens fell 99% in the following days and even hours.
However, Welch's team says that in the long run, they want to build a community around the token and its fans to ensure the project's success.
“The launch of the $HAWK token creates a fun, safe and innovative way for Haley to get even closer to the community,” Welch's manager Jonny Forster said in a statement. “It will not only empower her fans, but also remove the confusion caused by fraudsters who constantly release unauthorized coins without authorization in her name and likeness.”
