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

Key Points
– HULK coin, promoted by Hulk Hogan, crashes by 85% due to insider trading.
– Questions arise about Hogan’s involvement as social media activity raises suspicions.
– Insider selling leads to a $17 million loss for HULK, with market cap dropping to $9.4k.
– Celebrity meme coins make a comeback in the news, but not all is as it seems in the crypto world.

In the world of cryptocurrency, the recent downfall of Hulk Hogan’s HULK coin has sent shockwaves through the market. In just one hour, the value of the coin plummeted by a staggering 85%, with insider trading being blamed for the sudden drop.

The promotion of the HULK coin by Hulk Hogan himself has raised eyebrows and sparked debates about the credibility of celebrity-backed cryptocurrencies. Despite initially endorsing the coin on social media, Hogan has since denied any association with it, claiming that his accounts may have been compromised.

The crash of the HULK coin was triggered by insider selling, with one individual making a huge profit of nearly a million dollars by selling off their tokens shortly after purchasing them. This led to a catastrophic collapse in the price of the coin, causing a loss of $17 million in market cap.

While the extent of Hulk Hogan’s involvement in the coin’s downfall remains uncertain, the incident has highlighted the risks of investing in celebrity-backed cryptocurrencies. With doubts and suspicions surrounding the authenticity of Hogan’s support for the coin, investors are left wondering if celebrity meme coins are truly a safe investment.

As the market continues to fluctuate and celebrity-backed coins make headlines once again, it serves as a reminder that not all that glitters is gold in the world of cryptocurrency. Investors must exercise caution and do their due diligence before diving into the world of meme coins promoted by celebrities.