Solana Memecoin Hulk Hogan Coin Plummets by 85 in Insider Selling Spree
Key Points
– Hulk Hogan’s HULK coin has crashed by 85% in just one hour, with suspicions of insider trading being the cause.
– Hogan’s endorsement of the coin has sparked controversy, with social media activity fueling doubts.
– Insider selling led to a $17 million loss for HULK, resulting in a market cap drop to $9.4k.
– The world of celebrity meme coins has once again captured attention, but not all that glitters is gold, especially in the cryptocurrency realm. Hulk Hogan’s foray into the crypto market with his Solana-based meme coin, HULK, has suffered a severe setback with an 85% decline in value.
– Investors are left in shock by this sudden crash, prompting discussions on the reliability of celebrity-backed digital currencies.
Understanding the HULK Hogan Catastrophe
On June 6th, HULK, the celebrity-endorsed coin, faced a significant setback, losing a staggering $17 million, as revealed by dexscreener. In just a few hours, its market cap went from a high of $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 one individual making an incredible 812x profit by selling off 190 million HULK tokens shortly after purchasing them for just $1,200 worth of Solana (SOL) tokens. This move led to the dramatic downfall of the HULK price.
Was Hulk Hogan Involved?
Former wrestler Hulk Hogan’s promotion of the celebrity meme coin added another layer of complexity to the situation. Prior to the crash, Hogan had actively endorsed the HULK meme coin through now-deleted posts on social media platforms.
However, Hogan quickly distanced himself from the cryptocurrency, denying any connection to its promotion. He advised his followers to ignore any posts related to the coin, suggesting that his social media accounts may have been compromised.
Speculations and Uncertainties
Even before Hogan’s clarification, crypto enthusiasts had noticed inconsistencies in his social media activity, raising doubts about potential manipulation. Some pointed out recycled footage from December 2023, questioning the authenticity of his support for the HULK coin.
The extent of Hogan’s involvement in the coin’s downfall remains unclear. Nevertheless, the incident has highlighted the risks associated with celebrity-backed cryptocurrencies.
Do you think celebrity-backed memecoins are a disaster waiting to happen? Share your thoughts on whether you would consider investing in one!