Haliey described the project as “a good way to interact with [her] fans” after launching her meme currency, $HAWK, in an attempt to profit off her internet celebrity.
Inspired by online culture, meme coins have emerged as a popular but erratic market niche for cryptocurrencies.
Within hours of its inception, $HAWK soared to a market valuation of $490 million, first seeming to follow the traditional meme coin trajectory.
But the enthusiasm soon wore off. The value of the coin fell by an astounding 91% in only three hours, according to cryptocurrency magazine CoinTelegraph.
Fans and investors have accused Haliey of planning a “rug pull” as a result of the collapse. When creators of a cryptocurrency or NFT project suddenly stop working on the project.
After obtaining money from investors, it’s known as a “rug pull” in the cryptocurrency community. As a result, developers keep the money they obtained while investors are left with useless tokens or NFTs.
