Welch launched her own cryptocurrency 'HAWK', which soared to a $490 million market cap before crashing 91% in just three hours after its debut.
The crash of 'HAWK' has led to intense scrutiny and criticism regarding the control of the token by a small number of wallets, raising concerns about fairness.
Haliey Welch defended her project, stating it wasn't merely a cash grab, and described cryptocurrency as an engaging way for fans to connect.
Critics like Coffeezilla have warned against memecoins, arguing that they mainly benefit insiders and trading bots, urging the public to be cautious.
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