In the first half of June, a young lady from Tennessee – one Hailey Welch – took the internet by storm when her response to the question ‘what’s one move in bed that makes a man go crazy every time?’
The famous reply, ‘oh, you gotta give him that hawk tuah and spit on that thang,’ generated a new meme template, numerous remixes, a merchandise line that generated more than $65,000 by late June, and, indeed, a new meme coin.
The Hawk Tuah (HAWKTUAH) meme coin has found surprisingly significant success and, given the overall ephemeral nature of online memes, boasts even more surprising longevity.
Though the cryptocurrency’s heyday may have already ended, the token continues to show relative strength. While it is some 700% down from its all-time high (ATH) of $0.03 – and ATH it reached on the third day of its existence – it remains more than 800% above its initial price at $0.005213.
HAWKTUAH all-time price chart. Source: CoinMarketCap
Additionally, its decline in recent days hasn’t been particularly decisive as it is, in fact, just a little more than 1% in the red in the last 7 days. The recent trading has also been market by significant volatility meaning that a renewed rally for HAWKTUAH isn’t entirely out of the question.
Why did HAWKTUAH meme coin succeed?
Part of the Hawk Tuah success can be attributed to it coming at a time that was, in many ways, a new golden age for meme coins. For example, the first half of 2024 saw the launch of more than a million new projects on Solana (SOL) alone, with many of them basing themselves on jokes – prominent and obscure alike.
Many recent events – the upcoming presidential election being a prime example – provided ample opportunity for themed cryptocurrencies, such as those based on the most likely candidates, to take shape.
March also saw a major boom for joke-inspired coins and tokens, with some of the crypto market’s best performers falling into this category.
Despite the generally positive circumstances there is some risk that Hawk Tuah is shaping up to be the meme coins’ swan song – at least for the current cycle – as some analysts believe the ‘fiesta’ is winding down with little potential upside left ahead.
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