A relatively common feature of cryptocurrency bull cycles is every noteworthy internet event getting turned into a coin or token – usually of a meme variety.
The 2024 crypto market has proven no different with its deluge of election-inspired cryptocurrencies, such as the much-discussed Jeo Boden (BODEN). The latest addition, however, found a decidedly different inspiration.
The Hawk Tuah (HAWKTUAH) meme coin was launched on June 21 and rapidly found success. Indeed, it is, at press time, worth some $0.00825, which means it is up 1,400% since it was launched less than a week ago.
On the other hand, HAWKTUAH is already trading below its all-time high (ATH) – and ATH of $0.3 it reached and briefly held one day after its launch – and the upcoming days of trading will demonstrate if its press time price is an opportunity to ‘buy the dip’ – as the 24-hour spike in volume hints some traders believe – or if it has already approached the end of its life-cycle.
HAWKTUAH all-time price chart. Source: CoinMarketCap
The relatively persistent success of HAWKTUAH – especially given its inspiration – not only serves as a testament to the relative longevity, in internet terms at least, of the meme it was based on but ultimately might pave the way for its joining the ranks of other prominent similar assets.
Still, the future of Hawk Tuah remains uncertain since it retains a relatively modest market cap of under $10 million – Dogecoin (DOGE), for example, boasts almost $18 billion market capitalization – and the volume, despite continuously rising, is at $15 million – Shiba Inu’s (SHIB) daily volume, for example, stands at nearly $200 million.
The origins of Hawk Tuah
Hawk Tuah itself is based on a meme of the same name. It traces its origin to a YouTube video posted by the channel ‘Tim & Dee TV.’ In the video, a blonde girl in Nashville, Tennessee, is asked, ‘What’s one move in bed that makes a man go crazy every time?’ only to reply, ‘Oh, you gotta give him that hawk tuah and spit on that thang.’
The video quickly went viral, generating a new meme template. A deluge of remixes, reformates, derivatives, and tributes, including a spoof country song dedicated to the girl in the video, extended its lifespan.
The true test for the meme coin will come once the ‘Hawk Tuah’ meme leaves the zeitgeist.
HAWKTUAH is already trading below its all-time high (ATH) – and ATH of $0.3 it reached and briefly held one day after its launch – and the upcoming days of trading will demonstrate if its press time price is an opportunity to ‘buy the dip’ – as the 24-hour spike in volume hints some traders believe – or if it has already approached the end of its life-cycle.
Meme coin traders not the only ones taking advantage of the virality
Whatever the fate of the cryptocurrency may be, it is evident the meme coin is not the only thing taking advantage of the virality of the video. The girl herself – Hailey Welch – has reportedly launched a line of merchandise inspired by the meme.
According to reports from June 26, she already sold $65,000 worth of hats. In an amusing intersection of current memes, said hats read ‘Hawk Tuah ’24’ and have proven exceptionally successful for Fathead Threads, the Tennessee-based embroidery and apparel company with which Welch partnered.
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