Key Points:
– Hulk Hogan’s HULK coin has plummeted by 85% in just one hour, with suspicions of insider trading causing the crash.
– Questions arise over Hogan’s involvement, though he denies any association with the coin amidst social media suspicions.
– Insider selling led to a $17 million loss for HULK, reducing its market cap to $9.4k.
– The incident sheds light on the volatility of celebrity meme coins in the market.

The world of celebrity-backed cryptocurrencies has once again captured attention, with Hulk Hogan’s Solana-based meme coin, HULK, experiencing a drastic 85% decline in value. This unexpected crash has left investors reeling and raised concerns about the reliability of such investments.

What Led to the Crash?
HULK coin suffered a significant setback, losing a whopping $17 million on June 6th, as reported by dexscreener. In a matter of hours, its market cap plunged from $17 million to a mere $9.6 thousand. Currently, the Hulk coin is being traded at $0.00002251.

The crash was triggered by insider selling, where an individual managed to make an 812x profit by selling off 190 million HULK tokens that were purchased for just $1,200 worth of Solana (SOL) tokens. This sudden dump of tokens caused the price of HULK to plummet.

Involvement of Hulk Hogan?
Former wrestling star Hulk Hogan’s promotion of the celebrity meme coin added a layer of complexity to the situation. Prior to the crash, Hogan had been actively endorsing the HULK coin through posts on social media, which have since been deleted.

Hogan quickly distanced himself from the cryptocurrency, refuting any connection to its promotion. He advised his followers to ignore any posts related to the coin, hinting that his social media accounts may have been compromised.

Social Media Speculation
Even before Hogan’s denial, crypto enthusiasts noticed inconsistencies in his social media activity, suggesting potential manipulation. Some pointed to recycled content from December 2023, casting doubt on the authenticity of Hogan’s support for the HULK coin.

While it is unclear whether Hogan played a direct role in the downfall of the coin, this incident serves as a cautionary tale about the risks associated with celebrity-backed cryptocurrencies.

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.