In every cryptocurrency bull market, it’s become quite common for notable internet events to be transformed into coins or tokens, often of the meme variety. The 2024 crypto market is no exception, as it has seen a flood of election-inspired cryptocurrencies, including the highly discussed Jeo Boden (BODEN). However, the latest addition to the market, the Hawk Tuah (HAWKTUAH) meme coin, drew inspiration from a different source.
Launched on June 21, the Hawk Tuah meme coin quickly gained success. As of now, its value stands at approximately $0.00825, marking a 1,400% increase since its launch less than a week ago.
On the flip side, HAWKTUAH is currently trading below its all-time high (ATH) of $0.3, which it reached and briefly held one day after its launch. The upcoming days of trading will determine whether its current price presents an opportunity to “buy the dip,” as suggested by the spike in trading volume over the past 24 hours, or if it has already reached the end of its life cycle.
The sustained success of HAWKTUAH, considering its inspiration, not only showcases the lasting power of the meme it was based on in internet terms, but it may also open doors for its inclusion among other prominent assets of a similar nature.
However, the future of Hawk Tuah remains uncertain due to its relatively modest market capitalization, which is currently below $10 million. In comparison, Dogecoin (DOGE) boasts an impressive market capitalization of almost $18 billion. Additionally, the trading volume for HAWKTUAH, although steadily rising, is currently at $15 million, while Shiba Inu’s (SHIB) daily volume stands at nearly $200 million.
Hawk Tuah’s Origins
The Hawk Tuah meme coin is derived from a meme of the same name that originated from a YouTube video posted by the channel “Tim & Dee TV.” The video features a blonde girl from Nashville, Tennessee, being asked, “What’s one move in bed that makes a man go crazy every time?” Her response, “Oh, you gotta give him that hawk tuah and spit on that thang,” quickly went viral and became a new meme template. The meme’s longevity was extended by the creation of various remixes, derivatives, and tributes, including a parody country song dedicated to the girl in the video.
The true test for the meme coin will be when the “Hawk Tuah” meme eventually fades from the public consciousness.
Meme Coin Traders and Merchandise
While the fate of the Hawk Tuah cryptocurrency remains uncertain, it’s clear that the meme coin is not the only entity taking advantage of the video’s virality. The girl herself, Hailey Welch, has reportedly launched a line of merchandise inspired by the meme. According to reports from June 26, she has already sold $65,000 worth of hats. In a humorous convergence of current memes, these hats bear the inscription “Hawk Tuah ’24” and have proven to be incredibly successful for Fathead Threads, the Tennessee-based embroidery and apparel company that partnered with Welch.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and there is a risk of capital loss when investing.
