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.
🚨 LATEST: WWE Wrestler $HULK (@HulkHogan) Solana Memecoin plummeted from $17 million to $2 million in just a few minutes after he deleted tweets about the coin. pic.twitter.com/itv2Fxt1Op
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— SolanaFloor (@SolanaFloor) June 6, 2024
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.
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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.
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.
Insiders bought 15% of $HULK before it was announced 🚨
We have found 5 connected wallets that bought on https://t.co/Mf5J11VZay before Hulk Hogan (@HulkHogan) shared the contract.
Already $200k sold and ~$1.5M unrealized pic.twitter.com/K6CAYVhk0L
— Bubblemaps (@bubblemaps) June 6, 2024
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.
Hulk Hogan’s social media accounts & website promoted a $HULK crypto token today, jumping on the recent celeb memecoin trend
it pumped big, millions of dollars, & then dumped
all the posts are now deleted. there’s a new post now claiming that the posts were not from him pic.twitter.com/hDuYVLgNQu
— Matt Binder (@MattBinder) June 6, 2024
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.
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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.
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