People are accusing the “Hawk Tuah Girl” Haliey Welch of a “pump-and-dump” scheme after the launch of her HAWK memecoin.

Whether you love, hate, or merely feel indifferent about the Hawk Tuah Girl, you’ve likely seen the viral video of her street interview that sparked her rapid rise to fame. In recent months, Welch has maintained her internet fandom through different collaborations and projects—the most recent being her memecoin. 

For context, memecoins are basically cryptocurrencies inspired by internet memes or pop culture references/trends. This is pretty on par for Welch, considering how she got famous.

Before its launch, Welch insisted her Hawk Tuah memecoin was “not just a cash grab.” However, quickly after it took off, it crashed with a 91 percent decline in value, and investors began accusing Welch of taking part in a pump-and-dump scheme.

“In a pump and dump scheme, fraudsters typically spread false or misleading information to create a buying frenzy that will ‘pump’ up the price of a stock and then ‘dump’ shares of the stock by selling their own shares at the inflated price,” Investors.gov reported. “Once the fraudsters dump their shares and stop hyping the stock, the stock price typically falls and investors lose money.”

However, Welch stated on X that her “team hasn’t sold one token and not 1 KOL was given 1 free token.”

“We tried to stop snipers as best we could through high [fees] in the start of launch on @MeteoraAG,” she added. “[Fees] have now been dropped.”

Stephen Findeisen, YouTuber and crypto journalist known as “Coffeezilla,” spoke with Rolling Stone about this entire ordeal, sharing his insights.

“I think there were lots of signs this was not going to work,” Findeisen said. “They sold 17 percent of the tokens to insiders who had no lock-up for their tokens, while they only released 3 percent to the public for trading. I get the sense that Welch was misinformed, but also that Welch saw dollar signs and didn’t ask enough questions.” 

“Additionally, she didn’t seem to take it too seriously when she was confronted,” he told the outlet. “I hope that she acknowledges the harm of what she did, intentional or not, and takes accountability to help her fans who lost money.”