Haliey Welch, the media government behind the Discuss Tuah podcast, launched a memecoin referred to as $HAWK in collaboration with overHere. The token has attracted vital controversy as its early market capitalization of almost $400 million has rapidly plummeted to underneath $20 million.
This has led numerous Welch’s followers to model it a rip-off, and the challenge has confronted accusations that the workforce has been promoting the token — one thing overHere has publicly denied.
These accusations have usually centered round the truth that Bubblemaps claimed 96% of the availability was in a single cluster.
Assuming overHere is telling the reality and the workforce supposed to observe the “Hawkanomics” token distribution plan, it’s essential to notice that it appears lower than half of the token provide could be allotted to the general public.
What actual utility for $HAWK?
In addition to the distribution, there are numerous different potential criticisms that may be levelled at this challenge, together with potential issues with its advertising.
overHere has publicly marketed that together with Welch, it will likely be “creating real utility for memecoins” with this challenge.
Nonetheless, the web site for $HAWK, in addition to the whole lot of the accessible documentation, doesn’t describe something resembling utility.
Certainly, the closest the web site involves describing this so-called “utility” is claiming that “hundreds of thousands of non-crypto users will be onboarded by $HAWK.”
Nonetheless, the challenge appears extremely unlikely to ever obtain that purpose. Moreover, onboarding folks will not be prima facie “utility,” as utility requires the token to have the ability to be used.
Moreover, regardless of claiming that the challenge will onboard “hundreds of thousands of non-crypto users” the Token Phrases and Circumstances moreover declare that, “TOKENS ARE ONLY INTENDED FOR THOSE PERSONS WHO ARE KNOWLEDGEABLE AND EXPERIENCED IN CRYPTOCURRENCIES, BLOCKCHAIN, AND RELATED TECHNOLOGIES.”
It’s unclear how this token may very well be supposed to onboard “non-crypto users” whereas additionally solely being supposed for people who find themselves “knowledgeable and experienced in cryptocurrencies.”
Protos has reached out to overHere and Penthouse Life (Welch’s administration) a number of instances since Friday morning to get clarification on what “real utility” this gives. We’ve not obtained a response.
What Cayman Islands basis?
All through this Areas, the workforce repeatedly referenced a Cayman Islands basis that was behind the token.
Oddly, the phrases and situations for $HAWK reference “Tuah the Moon Inc.” which seems to be a British Virgin Islands enterprise, not a basis. It’s not clear what function the incessantly talked about basis is fulfilling, and even what its id is.
Unusually, the X Areas is now not publicly accessible.
Protos has reached out to overHere and Penthouse Life for clarification on why the Areas was deleted and the character of this Cayman Islands basis and British Virgin Islands enterprise. Nonetheless, as soon as once more, at time of publication, we had obtained no response.
So what?
Some customers on-line have been fast to defend Welch, claiming she wasn’t educated sufficient about cryptocurrency to be held liable for these issues. Unusually, this protection would imply she’s not the supposed viewers for her personal token, primarily based on her personal token’s phrases.
Others have tried to benefit from these stumbles to launch their very own competing memecoins. Many of those centered round jokes involving Welch’s well-known meme, or suggesting she was prone to face jail, jail, or not less than a choose.
Some have additionally been fast to recommend that “investors” in a token themed round a blowjob-based meme don’t deserve recourse within the spirit of caveat emptor.