Joe Rogan blames investors for losses in Hawk Tuah meme coin disaster

In early December 2023, the $HAWK token, also known as the Hawk-Tuah meme coin, was launched and initially garnered significant attention, achieving a market cap of $490 million shortly after its release. However, within hours, the cryptocurrency experienced a drastic decline, losing around 95% of its value, leading to substantial financial losses for many investors. Prominent figures in the streaming community, including Asmongold, criticized the outcome as a rug pull, which is often marked by a sudden exit by its developers or substantial drops in value. The launch was fronted by Hailey Welch, a 22-year-old who faced backlash after the coin's failure, leading her and her team to address complaints from some investors. Reports indicated up to 12 individuals are suing Welch and her team for a total of $151,000, which sparked discussions about the responsibilities of content creators regarding the projects they promote. During a recent episode of his podcast, Joe Rogan expressed skepticism about the decision-making process of those who invested heavily in the $HAWK token. He questioned the judgement of individuals who thought investing in a meme coin was prudent and suggested that some investors lacked an understanding of the risks involved in such high-profile cryptocurrency ventures, remarking that one investor had put a million dollars into the token, which seemed misguided to him. Rogan’s comments added a layer of criticism to the narrative surrounding the failed launch, emphasizing the need for caution and knowledge in the volatile world of cryptocurrency investments.