Insider Selling Frenzy Causes Solana Memecoin Hulk Hogan Coin to Plummet 85

Key Points
– Hulk Hogan’s HULK coin crashes by 85% in just one hour, with suspicions of Insider trading causing the drop.
– Hogan’s endorsement raises concerns as social media activity raises doubts, despite his denial of any involvement.
– Insider selling leads to a $17 million loss for HULK, resulting in a market cap of only $9.4k.
– Celebrity meme coins are once again in the spotlight, enjoying some market recovery. However, not all that glitters is gold, especially in the world of cryptocurrency.

The recent downfall of Hulk Hogan’s Solana-based meme coin, HULK, has sent shockwaves through the crypto community. The coin’s value plummeted by a staggering 85%, leaving investors scrambling and sparking debates on the credibility of celebrity-backed digital assets.

The HULK disaster unfolded on June 6th, with the coin suffering a massive $17 million loss, according to dexscreener. In just a few hours, its market cap dropped from $17 million to a meager $9.6 thousand, with the current trading price at $0.00002251. Insider selling played a significant role in triggering this catastrophic crash, with one individual making an enormous profit of 812x, cashing out nearly a million dollars after purchasing 190 million HULK tokens for a mere $1,200 worth of Solana (SOL) tokens.

Speculations arose regarding Hulk Hogan’s involvement in the promotion of the coin. Prior to the crash, Hogan had actively promoted HULK through now-deleted social media posts. However, he swiftly distanced himself from the cryptocurrency, claiming no association with its promotion and suggesting a possible compromise of his social media accounts.

Crypto enthusiasts had already noticed inconsistencies in Hogan’s social media activity, casting doubt on the authenticity of his support for HULK. Some even pointed out recycled footage from December 2023, further fueling suspicions of potential manipulation.

While the extent of Hogan’s role in the coin’s downfall remains unclear, the incident has highlighted the risks associated with celebrity-backed cryptocurrencies. Are celebrity meme coins a recipe for disaster? Share your thoughts on whether you would ever consider investing in one!