Haliey Welch, the media government behind the Speak Tuah podcast, launched a memecoin known as $HAWK in collaboration with overHere. The token has attracted vital controversy as its early market capitalization of almost $400 million has shortly plummeted to underneath $20 million.
This has led a variety of Welch’s followers to model it a rip-off, and the undertaking has confronted accusations that the workforce has been promoting the token — one thing overHere has publicly denied.
These accusations have typically centered round the truth that Bubblemaps claimed 96% of the provision was in a single cluster.
Assuming overHere is telling the reality and the workforce supposed to comply with the “Hawkanomics” token distribution plan, it’s essential to notice that it appears lower than half of the token provide can be allotted to the general public.
What actual utility for $HAWK?
In addition to the distribution, there are numerous different potential criticisms that may be levelled at this undertaking, together with potential issues with its advertising and marketing.
overHere has publicly marketed that together with Welch, it will likely be “creating real utility for memecoins” with this undertaking.
Nonetheless, the web site for $HAWK, in addition to the whole thing of the accessible documentation, doesn’t describe something resembling utility.
Certainly, the closest the web site involves describing this so-called “utility” is claiming that “hundreds of thousands of non-crypto users will be onboarded by $HAWK.”
Nonetheless, the undertaking appears extremely unlikely to ever obtain that objective. Moreover, onboarding folks is just not prima facie “utility,” as utility requires the token to have the ability to be used.
Moreover, regardless of claiming that the undertaking will onboard “hundreds of thousands of non-crypto users” the Token Phrases and Situations moreover declare that, “TOKENS ARE ONLY INTENDED FOR THOSE PERSONS WHO ARE KNOWLEDGEABLE AND EXPERIENCED IN CRYPTOCURRENCIES, BLOCKCHAIN, AND RELATED TECHNOLOGIES.”
It’s unclear how this token might be supposed to onboard “non-crypto users” whereas additionally solely being supposed for people who find themselves “knowledgeable and experienced in cryptocurrencies.”
Protos has reached out to overHere and Penthouse Life (Welch’s administration) a number of instances since Friday morning to get clarification on what “real utility” this affords. We’ve not acquired a response.
What Cayman Islands basis?
Following the token’s controversial launch, Welch and overHere took to an X Areas to clarify what occurred.
All through this Areas, the workforce repeatedly referenced a Cayman Islands basis that was behind the token.
Oddly, the phrases and circumstances for $HAWK reference “Tuah the Moon Inc.” which seems to be a British Virgin Islands enterprise, not a basis. It’s not clear what position the incessantly talked about basis is fulfilling, and even what its identification is.
Learn extra: US congressman Mike Collins goes from altcoins to memecoins
Surprisingly, the X Areas is now not publicly accessible.
Protos has reached out to overHere and Penthouse Life for clarification on why the Areas was deleted and the character of this Cayman Islands basis and British Virgin Islands enterprise. Nonetheless, as soon as once more, at time of publication, we had acquired no response.
So what?
Some customers on-line have been fast to defend Welch, claiming she wasn’t educated sufficient about cryptocurrency to be held answerable for these issues. Surprisingly, this protection would imply she’s not the supposed viewers for her personal token, based mostly on her personal token’s phrases.
Others have tried to make the most of these stumbles to launch their very own competing memecoins. Many of those centered round jokes involving Welch’s well-known meme, or suggesting she was prone to face jail, jail, or not less than a decide.
Some have additionally been fast to counsel that “investors” in a token themed round a blowjob-based meme don’t deserve recourse within the spirit of caveat emptor.
Each overHere and Welch have been quiet for the reason that Areas concluded, not even keen to reply emails — not less than once they come from us.
Received a tip? Ship us an e-mail or ProtonMail. For extra knowledgeable information, comply with us on X, Instagram, Bluesky, and Google Information, or subscribe to our YouTube channel.
