Hawk Tuah cryptocurrency surges 800 as excitement over meme coins diminishes
In the initial half of June, a young woman from Tennessee named Hailey Welch gained widespread attention on the internet with her response to the query, “What’s one move in bed that drives a man wild every time?” Her now-famous retort, “Oh, you gotta give him that hawk tuah and spit on that thang,” not only sparked a new meme trend but also inspired various remixes and the creation of a merchandise line that amassed over $65,000 by the end of June. This viral moment even gave rise to a new meme-themed cryptocurrency.
The Hawk Tuah (HAWKTUAH) meme coin achieved unexpected success, defying the transient nature typically associated with online memes and sustaining its popularity over time.
The HAWKTUAH coin has shown resilience, despite experiencing a significant drop of around 700% from its peak value of $0.03, which it reached on its third day of existence. Remarkably, it maintains a value that is more than 800% above its initial price of $0.005213.
Although the peak of the cryptocurrency’s hype may have passed, the token continues to exhibit relative strength, with only a marginal decrease of just over 1% in the past week. The recent fluctuations in its value suggest the possibility of a resurgence in HAWKTUAH’s value.
The success of the HAWKTUAH meme coin can be partly attributed to its emergence during a period that could be described as a new era for meme-based cryptocurrencies. The first six months of 2024 witnessed the launch of over a million new projects on the Solana (SOL) network alone, many of which were inspired by jokes of varying degrees of popularity.
Various recent events, such as the upcoming presidential election, provided fertile ground for themed cryptocurrencies linked to potential candidates to flourish. March saw a surge in joke-inspired coins and tokens, with some of the market’s top performers falling into this category.
While the environment for meme coins has been generally favorable, there are indications that Hawk Tuah might represent the end of the current cycle for such coins. Some analysts suggest that the “party” may be coming to a close with limited potential for further gains.
Disclaimer: The information presented here should not be interpreted as investment advice. Investing in cryptocurrencies is speculative, and there is inherent risk involved.
