Hulk Hogan-Themed Memecoin Loses $15M In Market Cap Within Minutes

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As a researcher with experience in the crypto industry, I find the sudden plunge of HULK’s market capitalization following Hulk Hogan’s denial of association with the memecoin deeply concerning. The allegations of rug pulls and pump-and-dump schemes surrounding celebrity memecoins have been a topic of discussion for quite some time, and this incident further highlights the potential risks involved.

A memecoin named Hulkamania (HULK), which runs on the Solana blockchain and was reportedly endorsed by Hulk Hogan, experienced a significant loss of approximately $15 million in market value mere minutes after the wrestling icon deleted all promotional content related to the cryptocurrency.

The wrestling icon made it clear that he did not create or endorse the social media content promoting the meme coin.

HULK Value Plunges

As a researcher investigating recent events in the cryptocurrency market, I’ve come across intriguing information regarding the sudden price drop of the HULK token on platform X. According to a post from an account believed to be connected to the Solana ecosystem, the token’s market capitalization fell dramatically from $17 million to a mere $2 million within minutes following the deletion of promotional posts for the memecoin by a user named Hogan.

“New Development: The value of Solana Memecoin, endorsed by WWE Wrestler $Hulk (@HulkHogan), dropped dramatically from $17 million to $2 million within a short time frame after he deleted related tweets.”

As a crypto investor, I’ve come across reports from journalist Matt Binder about certain suspicious activities surrounding the promotion of a memecoin on Hogan’s social media account. He shared screenshots of posts that apparently boosted the token’s price, only for those messages to be deleted later. The consequences were noteworthy as the token experienced a significant pump in value upon being promoted and subsequently suffered a steep dump once the posts were taken down.

Hulk Hogan’s social media platforms and website announced the sale of a $HULK crypto token today, following the trend of celebrities endorsing meme coins. The token experienced significant growth, resulting in millions of dollars in transactions. However, the value subsequently plummeted, leading to the deletion of related posts. Now, there is a new post claiming that Hulk Hogan himself was not responsible for the initial promotion.

An article published by Binder featured a video that seemed related to the token’s launch, but upon closer examination, it was actually advertising a karaoke night. The memecoin experienced a remarkable surge in value, reaching a market capitalization of $18.8 million just 60 minutes after its introduction. Yet, within minutes, its value plummeted back down to a mere $2 million and hasn’t recovered since.

Hogan Denies Association 

Simultaneously, Hogan refuted any connection to the digital token and asserted that he wasn’t behind the promotional messages circulating about it on social media. In his Instagram update, the former wrestling icon made it clear that he had no involvement with the project.

“Disregard any recent posts that don’t originate from me; I’ll be deleting them right away.”

As an analyst examining this situation, I’ve come across intriguing developments regarding the Hogan account on X. Notably, all of Hogan’s previous posts have inexplicably vanished. This disappearance has sparked conjecture about a possible compromise of the account. However, despite their removal from the platform, these deleted posts are still accessible through Google’s cached version.

The Growing Problem Of Celebrity Memecoins 

Recently, there’s been a significant increase in the popularity of memecoins associated with celebrities. This development has sparked concern within the cryptocurrency sector, particularly because creating and launching memecoins has become increasingly accessible thanks to platforms like pump.fun. As a result, there are growing worries about potential rug pulls and pump-and-dump schemes. Ethereum co-founder Vitalik Buterin has voiced his disapproval of this trend and encouraged the crypto community to work towards more constructive initiatives.

I’m not content with the current trend of celebrity involvement in this year’s memecoin craze. I can understand using financialization as a tool to achieve worthy goals, such as healthcare, open source software, or art. However, when financialization becomes the end product itself, like with Ashton and Mila’s Stoner Cats NFT project, it feels more dishonorable than anything we’ve seen from this era. I’m curious, how can we steer things towards a more positive direction?

Reality TV star Caitlyn Jenner, rapper Iggy Azalea, and musician Rich the Kid are notable figures who have entered the world of memecoins by launching projects on the Solana platform.

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2024-06-07 18:01