In early June, a young woman named Hailey Welch, hailing from Tennessee, caused a sensation online with her response to the question, “What’s one move in bed that makes a man go crazy every time?” Her now-famous answer, “oh, you gotta give him that hawk tuah and spit on that thang,” not only sparked a new meme template but also led to countless remixes and even a merchandise line that amassed over $65,000 by the end of June. Additionally, it birthed a new meme coin.
The Hawk Tuah (HAWKTUAH) meme coin achieved unexpectedly substantial success, defying the typically fleeting lifespan of internet memes. Despite experiencing a peak at its inception, reaching an all-time high (ATH) of $0.03 within its first three days, it has since fallen by approximately 700%. Nevertheless, it continues to trade more than 800% higher than its initial price of $0.005213.
Recent performance shows a marginal decline of just over 1% in the past week, with significant volatility suggesting the possibility of a resurgence in HAWKTUAH’s value.
The success of HAWKTUAH can be partly attributed to its emergence during a flourishing period for meme coins. The first half of 2024 witnessed a surge in new projects, particularly on Solana (SOL), many of which were inspired by both well-known and obscure jokes. Events such as the upcoming presidential election provided fertile ground for themed cryptocurrencies, further fueling this trend.
March of the same year saw a boom in joke-driven coins and tokens, with some of the crypto market’s top performers falling into this category. Despite these favorable conditions, some analysts caution that HAWKTUAH could mark the apex of meme coins in this cycle, suggesting limited potential for further gains in the near term.
Disclaimer: The information presented here should not be construed as investment advice. Investing in cryptocurrencies carries risks, and investors should be cautious and informed before making any decisions.
