“Hawk tuah” girl Haliey Welch is still going strong. Welch went viral this summer for her off-color catchphrase and has since parlayed that fame into a merchandise line and podcast featuring such guests as Mark Cuban. Now she has found a new way to express a phrase that can’t be explained in polite company: a “memecoin” that launches today on the Solana blockchain.
Memecoins are cryptocurrencies that, true to their name, go viral among internet communities on platforms like Telegram and Discord, often based on fleeting moments like the right-wing mascot Peanut the Squirrel. In many cases, buyers rush into the coins and the price spikes—sometimes reaching market caps in the billions of dollars—until holders stampede to sell before the value plummets.
In an interview with Fortune, Welch insisted that her memecoin, named HAWK, is “not just a cash grab,” but offered few details about how it could be used for more than speculation. In her distinctive Southern twang, Welch said explained she wants to change the public’s view on crypto, though her manager, Jonnie Forster, interceded when asked about HAWK’s valuation and legal uncertainty. “We don’t want to break securities laws,” Forster told Fortune. “We would say that we’re almost, like, tokenizing, in a sense, Haliey’s fan base.”
Hawking crypto
In contrast to the more serious side of crypto, where the likes of BlackRock and Fidelity are helping to bring Bitcoin to the world, HAWK will likely find its place in a corner of the industry dominated by so-called “degens”—short for degenerates, who delight in memes, trolling, and get-rich-quick schemes.
The world of memecoins seems a fitting place for Welch, whose TikTok video describing oral sex garnered millions of views and vaulted her to sudden stardom. After her initial burst of fame, she has stayed in the news with acts like throwing out the first pitch at a New York Mets game, and through her podcast, which debuted as the third most popular on Spotify. But when it comes to memecoins, Welch will want to tread carefully.
Celebrities have a long and disastrous history of hawking cryptocurrencies, with luminaries including Kim Kardashian and Floyd Mayweather both reaching settlements with the Securities and Exchange Commission for failing to disclose payments for promoting tokens. (When asked by Fortune, Welch said she “wasn’t aware” that the government had gone after celebrities.)
Still, in her interview with Fortune, Welch said that she is genuinely interested in using crypto, and her memecoin, as a way to connect with her fans. Her manager also made clear that the HAWK token is different than other celebrity crypto involvement because they are not telling people to buy it and instead will give free tokens to social media followers and fans who have bought her merchandise. Forster said Welch will own 10% of the supply but will not be able to sell for a year.
Welch began turning up on the crypto scene shortly after her TikTok video, including at the Bitcoin conference in her home state of Tennessee and at Korea Blockchain Week—appearances that prompted head-scratching among longtime digital asset hands. She told Fortune that other celebrities like rapper Lil Pump introduced her to crypto, and she scored an invite to the crypto-powered fighting league Karate Combat, which has become widely attended by influencers.
Welch says that she used to think of crypto as “just a scam” and an “easy way for you to lose money,” but changed her mind after attending the conferences. When asked what aspects of crypto appealed to her, she said it was a “really good thing” and a “good way to interact with my fans.” Welch wasn’t aware of any specific benefits that her memecoin holders would receive, though her manager added that they plan to have “more fan engagements around it,” without offering further details.
Memecoins have exploded in popularity as a form of social gambling, with Andreessen Horowitz crypto chief technology officer Eddy Lazzarin describing them as “casinos” that are “undermining the long-term vision of crypto,” though other investors tout them as a way to financialize communities.
Welch and her manager maintain that the HAWK memecoin is not about its valuation (though they would likely get some inquiries from the SEC if they said otherwise). “I don’t really see it as, like, a gambling thing,” Welch told Fortune. “I think it’s, like, a fun way to get my fans to interact.”
