“The highly anticipated HAWK Token by ‘Hawk Tuah’ star Haliey Welch is now live.”

Haliey Welch, the viral figure behind the “hawk tuah” meme, has launched her own cryptocurrency, HAWK, on the Solana blockchain. The term “hawk tuah” went viral after Welch used it in reference to a sexual act, propelling her from a minimum wage worker with no Instagram to an internet sensation in a matter of weeks. Capitalizing on this unexpected fame, Welch’s HAWK token has now entered the crypto market, joining a series of celebrity-backed tokens that have found a home on the blockchain.

The HAWK token went live on Solana-based exchanges at 22:00 UTC on Wednesday, marking the culmination of a partnership with overHere, a token launchpad. Just moments after it started trading, the token’s market cap soared to $491 million, only to fall below $100 million shortly afterward. Welch had previously distributed free tokens to her followers and those in the meme and NFT communities between Nov. 26 and Dec. 2.

In an official statement shared with CoinDesk, Welch revealed that the tokens she received will be locked for a year and will vest over a period of three years. “Who doesn’t love a good meme?” Welch said. “The world of crypto intrigued me, and creating my own token is the next step, not only to build something meaningful for my fans but also to protect them from scammers who exploit my name.”

The HAWK token is supported by a foundation based in the Cayman Islands and has been fully vetted for compliance with U.S. regulations. It raised funds at a $34.5 million valuation from private international investors.

Earlier this year, celebrity-backed tokens gained some momentum in the Solana ecosystem, though most quickly lost value. Many saw their prices plummet by 99% within days of launching. Despite the volatility, Welch’s team is determined to build a strong, lasting community around the HAWK token.

“Launching the $HAWK token is an exciting and secure way for Haliey to get even closer to her community,” said Jonnie Forster, Welch’s manager. “It empowers her fans and protects them from the growing number of scammers launching unauthorized coins with her name and likeness.”