Earlier this week, the celebrity tried to use her online notoriety to get into the cryptocurrency industry by launching her own meme coin, $HAWK.
But according to the Daily Mail, investors and enthusiasts are in shock by the coin’s sharp decline and quick ascent.
In recent years, meme coins—cryptocurrencies based on online memes—have become very popular. Initially intended as pranks, they now have substantial monetary worth.
At first glance, Welch’s $HAWK currency seems to follow a similar path. Shortly after its Wednesday debut, it surged to a $490 million market valuation, but within three hours, it fell 91%, according to CoinTelegraph.
Fans and members of the cryptocurrency community have accused the steep decline of being brought on by “crypto snipers,” or traders.
