The attention economy can be likened to a phenomenon involving a social media-created celebrity named “hawk tua girl” Hayley Welch. She played a pivotal role in the launch of a cryptocurrency asset named Hawk Memecoin, which quickly gained enormous traction before facing backlash.
Initially valued at $490 million (£385 million) on December 4, the Hawk Memecoin has now exceeded its market capitalization and is valued at $17 million. Welch, a Tennessee native, rose to fame after responding to provocative interview questions but faced criticism for allegedly deceiving her social media followers.
Critics like cryptocurrency commentator Steven Findeisen, also known as Coffeezilla, labeled Hawk’s launch as a “rug pull,” which involves hyping a crypto project for short-term gains and then abandoning it. Despite the controversy, Hawk Memecoin is still being traded, with Welch stating that her team has not sold any tokens.
The rise of meme coins like Hawk reflects the growing trend within the cryptocurrency market, with meme coins collectively valued at $118 billion compared to $20 billion at the start of the year. These coins flood the market, with platforms issuing thousands of tokens daily.
Experts argue that meme coins lack fundamental value and are merely tied to digital trends. Memecoins blend the essence of memes and cryptocurrencies, leveraging social media attention to drive speculation and investment.
Meme coin trading often revolves around internet trends and influencer endorsements, creating a speculative environment with unpredictable outcomes. Participants acknowledge the speculative nature of memecoins, likening their trading to gambling but with the potential for significant returns.
Bitcoin’s value surpassed $100,000 for the first time a month after President Trump’s victory. Photo: Kevin Wurm/Reuters
Source: www.theguardian.com
