With the rise of social media, we’ve witnessed the emergence of memecoins—digital currencies born from internet humor and memes. These coins have evolved into multi-billion dollar assets, drawing in both seasoned investors and newcomers alike.
The internet has grown and so has the cryptocurrency space, and they come with a new wave of influencers and celebrities launching their own digital coins. One of the most infamous examples is the $Hawk coin, created by none other than Hawk Tuah Girl (Haliey Welch). At the time of its launch, $Hawk was valued at $16 million, and spiked to an astonishing $400 million soon after. However, hours later, the valuation of the coin had dropped over 90%, rendering it essentially worthless and leaving its investors with thousands of dollars in losses.
The reasons behind the coin’s crash have sparked widespread discussion, with some attributing it to ‘rug pulling’—a scheme where developers artificially inflate hype to attract investors, drive up the coin’s value, and then sell off their holdings once momentum builds, causing the coin to collapse and leaving other investors with the losses. After days of silence, Ms. Tuah addressed the situation on X, sharing her perspective on what happened. However, she has not provided any further public statements beyond her initial post, leaving many questions unanswered.
High-profile figures continue to shape the cryptocurrency space. On the eve of the inauguration, Melania Trump launched her own cryptocurrency, $Melania, just days after her husband, President Donald Trump, introduced his coin, $Trump. Both coins saw volatile trading, with $Trump reaching a market valuation of $12 billion and $Melania at $1.7 billion. Their launches ignited widespread debate, with critics questioning the ethics of political figures promoting speculative digital assets, while supporters viewed it as a strategic move to bring more mainstream attention to cryptocurrency.
They aren’t the only ones using the inauguration as a marketing platform. Michigan Pastor Lorenzo Sewell, who led the invocation at President Trump’s inauguration, launched his own cryptocurrency, $Lorenzo, just hours after the event. Encouraging his followers on X to ‘go and get that coin’ to help fulfill God’s vision on Earth, he promoted it as a way to fund charitable projects and community outreach. However, skeptics raised concerns about potential exploitation, questioning the ethical implications of leveraging religion for financial gain.
Ultimately, these trends underscore the growing influence of social media and celebrity culture on the financial world. With minimal regulatory oversight, the market for these coins remains highly speculative, and their long-term value is uncertain. In this ever-evolving crypto landscape, one thing is clear: investors should tread carefully.