Within the first half of June, a younger woman from Tennessee – one Hailey Welch – took the web by storm when her response to the query ‘what’s one transfer in mattress that makes a person go loopy each time?’
The well-known reply, ‘oh, you gotta give him that hawk tuah and spit on that thang,’ generated a brand new meme template, quite a few remixes, a merchandise line that generated greater than $65,000 by late June, and, certainly, a brand new meme coin.
The Hawk Tuah (HAWKTUAH) meme coin has discovered surprisingly important success and, given the general ephemeral nature of on-line memes, boasts much more stunning longevity.
Although the cryptocurrency’s heyday could have already ended, the token continues to indicate relative energy. Whereas it’s some 700% down from its all-time excessive (ATH) of $0.03 – and ATH it reached on the third day of its existence – it stays greater than 800% above its preliminary price at $0.005213.
Moreover, its decline in current days hasn’t been notably decisive as it’s, in reality, just a bit greater than 1% within the crimson within the final 7 days. The current buying and selling has additionally been market by important volatility that means {that a} renewed rally for HAWKTUAH isn’t completely out of the query.
Why did HAWKTUAH meme coin succeed?
A part of the Hawk Tuah success may be attributed to it coming at a time that was, in some ways, a brand new golden age for meme cash. For instance, the primary half of 2024 noticed the launch of greater than one million new initiatives on Solana (SOL) alone, with a lot of them basing themselves on jokes – outstanding and obscure alike.
Many current occasions – the upcoming presidential election being a chief instance – supplied ample alternative for themed cryptocurrencies, corresponding to these based mostly on the most definitely candidates, to take form.
March additionally noticed a significant increase for joke-inspired cash and tokens, with a few of the crypto market’s greatest performers falling into this class.
Regardless of the commonly optimistic circumstances there’s some threat that Hawk Tuah is shaping up to be the meme cash’ swan tune – a minimum of for the present cycle – as some analysts consider the ‘fiesta’ is winding down with little potential upside left forward.
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