Hulk Hogans Solana Meme Coin Plummets 85 in Just One Hour
Key Points
– Hulk Hogan’s HULK coin experiences an 85% crash due to suspected insider trading.
– Questions arise about Hogan’s involvement, despite his denial and social media activity sparking suspicion.
– Insider selling leads to a $17 million loss for HULK, with market cap dropping to $9.4k.
– The incident sheds light on the volatility of celebrity meme coins in the current market climate.
Celebrity meme coins are once again making headlines, but not all are finding success. Hulk Hogan’s HULK coin, based on the Solana network, has taken a drastic hit, plummeting by 85% in value. This sudden drop has rattled investors and raised concerns about the reliability of cryptocurrencies linked to famous personalities.
What Caused the Crash?
HULK, the celebrity-endorsed token, suffered a significant setback on June 6th, with dexscreener reporting a staggering $17 million loss. In just a few hours, its market cap nosedived from $17 million to a mere $9.6 thousand. Currently, the Hulk coin is trading at $0.00002251.
The crash was triggered by insider selling, with an individual making an 812x profit by selling off 190 million HULK tokens acquired for a minimal amount of Solana (SOL) tokens. This sudden dumping of tokens led to the collapse of the HULK price.
Was Hulk Hogan Involved?
Former wrestler Hulk Hogan’s role in promoting the celebrity meme coin added to the confusion surrounding the crash. Prior to the incident, Hogan had been actively endorsing the HULK coin through now-deleted posts on social media.
Despite this, Hogan quickly distanced himself from the cryptocurrency, denying any connection to its promotion. He urged his followers to ignore any posts related to the coin, suggesting that his social media accounts may have been compromised.
Social Media Discrepancies
Even before Hogan’s statement, crypto enthusiasts noticed inconsistencies in his social media activity, raising suspicions of manipulation. Some pointed out recycled content from December 2023, casting doubt on the authenticity of his support for the HULK coin.
While it remains uncertain whether Hogan played a direct role in the coin’s downfall, the incident underscores the risks associated with celebrity-backed cryptocurrencies.