Hulk Hogans Solana Meme Coin Plummets by 85 in Just One Hour
Key Points
– Hulk Hogan’s HULK coin experiences an 85% crash in value due to insider trading.
– Questions arise about Hogan’s involvement, but he denies any association.
– Insider selling leads to a $17 million loss for HULK, with its market cap dropping to $9.4k.
– The incident sheds light on the volatility of celebrity meme coins in the market.
The realm of celebrity meme coins has once again captured attention as market conditions evolve, showcasing both successes and failures. Hulk Hogan’s venture into the world of cryptocurrencies with his Solana-based meme coin, HULK, took a sharp turn when its value plummeted by 85%. This sudden decline left investors reeling and raised concerns about the reliability of cryptocurrencies endorsed by famous personalities.
What Caused the Plunge?
HULK, the celebrity-backed digital currency, faced a significant setback on June 6th, suffering a staggering $17 million loss, as reported by dexscreener. In just a few hours, its market capitalization nosedived from $17 million to a mere $9.6 thousand. Presently, the value of Hulk coin stands at $0.00002251.
The crash was ignited by insider trading, with an individual managing to rake in an 812x profit by acquiring 190 million HULK tokens for only $1,200 worth of Solana (SOL) tokens, only to swiftly dump them later, triggering the collapse of the HULK coin’s price.
Was Hulk Hogan Involved?
The involvement of former professional wrestler Hulk Hogan in promoting the celebrity meme coin added a layer of complexity to the situation. Prior to the crash, Hogan had actively endorsed the HULK meme coin through social media posts that have since been deleted.
However, Hogan moved quickly to distance himself from the cryptocurrency, refuting any connection to its promotion. He advised his followers to disregard any content related to the coin, hinting at a possible hacking of his social media accounts.
Social Media Confusion
Even before Hogan’s clarification, crypto enthusiasts noticed discrepancies in his social media presence, suggesting potential manipulation. Some pointed out recycled content from December 2023 featuring Hogan, 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, this incident underscores the risks linked to celebrity-endorsed cryptocurrencies.