Solana Memecoin Hulk Hogan Coin Plummets 85 in Insider Selling Craze
Key Points
– The HULK coin, promoted by Hulk Hogan, suffers an 85% crash due to insider trading.
– Hogan denies association with the coin as suspicions arise from social media activity.
– Insider selling causes a $17 million loss for HULK, with the market cap dropping to $9.4k.
– Celebrity meme coins are making a comeback, but not all shine bright in the crypto world.
In a shocking turn of events, the HULK coin, endorsed by wrestling legend Hulk Hogan, has taken a massive hit, plummeting by 85% in value. Insider trading is believed to be the culprit behind this drastic drop, raising questions about the legitimacy of celebrity-backed cryptocurrencies.
The downfall of HULK began on June 6th, when the coin experienced a staggering loss of $17 million, as reported by dexscreener. Within a short period, its market cap tumbled from $17 million to a mere $9.6 thousand. Currently, HULK is trading at $0.00002251, a far cry from its initial glory.
Insider selling played a significant role in triggering this crash, with one individual making an enormous profit of 812x, pocketing close to a million dollars in a brief period. This insider had acquired 190 million HULK tokens for just $1,200 worth of Solana (SOL) tokens, only to sell them off shortly after, leading to the catastrophic collapse of HULK’s price.
The involvement of Hulk Hogan in promoting the HULK coin added a layer of complexity to the situation. Prior to the crash, Hogan had actively endorsed the meme coin through now-deleted posts on social media. However, Hogan swiftly distanced himself from the cryptocurrency, denying any connection to its promotion. He urged his followers to ignore any posts related to the coin, hinting at a possible compromise of his social media accounts.
Speculations and doubts emerged even before Hogan’s clarification, with crypto enthusiasts noticing inconsistencies in his social media activity. Some pointed out recycled footage from December 2023, casting doubt on the authenticity of his support for the HULK coin.
While the extent of Hogan’s involvement in the coin’s downfall remains uncertain, this incident has highlighted the risks associated with celebrity-backed cryptocurrencies. Are celebrity-backed meme coins a recipe for disaster? Share your thoughts on whether you would consider investing in one!