Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Hulk Hogan's Solana Coin Drops $15M After Deleted Posts

The cryptocurrency community was shaken by the emergence of a memecoin called HULKAMANIA, associated with wrestling star Hulk Hogan. The coin quickly soared in value before plummeting just as rapidly. Data from Step Finance’s Solana Floor shows that the token’s market cap dropped from $17 million to $2 million. This sharp decline occurred shortly after Hulk Hogan allegedly deleted promotional posts from his X account.

Rapid Decline in Hulk’s Token Value

The HULKAMANIA token, built on the Solana blockchain, launched to considerable excitement, rapidly reaching a market cap of $18.8 million. However, within minutes of Hogan removing related social media content, the value instantly dropped to $2 million.

Observers noted that the token’s value dump occurred just 20 minutes after Hogan’s posts were deleted, stabilizing at the lower figure. Cryptocurrency analytics platforms such as DEX Screener confirmed these fluctuations in market cap.

Don’t Miss: Best Meme Coins to Buy Now

Hulk Denies Involvement in Crypto Scandal

The situation grew more complicated as screenshots of Hogan’s alleged endorsements spread on social media platforms like X. Users posted images suggesting that Hogan had actively promoted the HULKAMANIA token. However, in a swift response via Instagram, Hogan clarified that he had not authored the posts and announced their imminent removal.

Hulk

Adding to the mystery, the crypto analytics company Bubblemaps noted that five wallets had already purchased 15% of the HULK supply from its initial offering platform, pump before the promotional posts appeared on Hogan’s account. Fun. These wallets later sold tokens amounting to $200,000 from an unrealized gain of $1.5 million. This sequence of events raised questions about the integrity of the token’s launch and the involvement of Hogan’s account.

Further investigation by reporters, including Mashable’s Matt Binder, revealed a video showing Hogan promoting the token. However, Binder noted that this video was reused from a past event unrelated to cryptocurrency. The authenticity and origin of Hogan’s promotional activities remained under scrutiny amid unverified reports of his account being compromised.

Celebrity Crypto Tokens Cause  Controversy 

The controversy occurs within a broader context of celebrities venturing into cryptocurrency endorsements. Notably, figures like Caitlyn Jenner, Iggy Azalea, and Rich the Kid have recently launched their Solana-based tokens. The trend has drawn criticism from significant industry players, including Ethereum co-founder Vitalik Buterin, who expressed discontent with the celebrity  Tokens.

As the situation develops, the crypto community and regulators are monitoring the effects of this incident, underscoring the volatile nature of cryptocurrency markets and the impact of celebrity endorsements. Meanwhile, Hogan’s management team has yet to respond to requests for comment regarding the alleged hack of his social media account.

Read More

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Buy Cryptos on eToro banner