Haliey Welch, the viral sensation known for her “hawk tuah” meme, has launched her own cryptocurrency on the Solana blockchain. The HAWK token became the latest celebrity-backed token to hit the blockchain, riding on the popularity of Welch’s viral moment earlier this year. The term “hawk tuah,” coined by Welch to describe a specific sexual act, quickly went viral across social media platforms, turning her into a meme icon almost overnight.

Welch’s HAWK token went live on Wednesday at 22:00 UTC on Solana-based exchanges, in partnership with the overHere token launchpad. The release follows a period where Welch distributed free tokens to her followers and members of the meme and NFT communities between Nov. 26 and Dec. 2. Shortly after HAWK began trading, the token’s market capitalization surged to nearly $491 million before it dropped back below $100 million.

According to a statement shared with CoinDesk, Welch’s personal tokens will be locked for one year, with a vesting period extending over the next three years. “Who doesn’t love a good meme?” Welch commented. “Diving into crypto was a natural next step for me. It’s not just about creating something fun for my fans, but also about protecting them from scammers who take advantage of my name.”

The HAWK token is supported by a foundation based in the Cayman Islands, fully compliant with U.S. regulations. It raised funds at a $34.5 million valuation from a group of private non-U.S. investors.

Celebrity-backed tokens were briefly popular in the Solana ecosystem earlier this year, but most projects saw their value plummet quickly, with many losing up to 99% of their market cap within days. Despite the volatile trend, Welch’s team is focused on the long-term success of the HAWK token and aims to build a loyal community around it.

“Launching the $HAWK token is an innovative and fun way for Haliey to deepen her connection with her fans,” said Jonnie Forster, Welch’s manager. “It empowers her community and eliminates the confusion from scammers who release unauthorized tokens with her name and likeness.”