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Welch, who built a following through her podcast and social media presence, announced the launch of her own meme coin dubbed "Tua Coin." Despite its unassuming name and lack of technical backing, the coin initially skyrocketed, reaching a valuation of approximately $490 million within hours. The surge was fueled by aggressive promotion, likely leveraging her celebrity status to create hype.
However, this meteoric rise was short-lived. Soon after, insiders—comprising Welch and her team—began selling their holdings en masse. As these "sell-offs" occurred, the coin's value plummeted by over 95%. Investors, many of whom had poured their life savings into the token under the impression of quick profits, experienced devastating losses, sparking outrage and accusations of misconduct.