‘Hawk tuah girl’ Haliey Welch’s coin fails amid new wave of hype around crypto-related assets

It is a parable for the attention economy. A celebrity created entirely by social media, “hawk tuah girl” Haliey Welch, helps launch a crypto asset that stokes a viral frenzy and then flames out.

The Hawk memecoin was worth $490m (£385m) hours after it launched on 4 December but now has a market capitalisation – the value of all Hawk coins in circulation – of $17m.