Solanabased Memecoin Hulk Hogan Coin Plummets by 85 in the Midst of Insider Selling Frenzy

Key Points
– Hulk Hogan’s cryptocurrency coin, HULK, has suffered a massive 85% crash 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 its market cap dropping to $9.4k.
– Celebrity meme coins are back in the spotlight, but not all that glitters is gold – especially in the world of cryptocurrency.

In a whirlwind turn of events, Hulk Hogan’s foray into the cryptocurrency market has taken a brutal hit. The Solana-based meme coin, HULK, has plummeted by 85%, leaving investors in disbelief and sparking debates about the credibility of celebrity-backed digital currencies.

The downfall of HULK began on June 6th when the coin suffered a staggering loss of $17 million, as reported by dexscreener. Within a matter of hours, its market cap tumbled from a high of $17 million to a meager $9.6 thousand, with the current trading price of HULK at $0.00002251.

The crash was triggered by insider selling, with one individual reaping an astronomical 812x gain by selling 190 million HULK tokens for nearly a million dollars after acquiring them for just $1,200 worth of Solana (SOL) tokens. This sudden sell-off led to the catastrophic collapse in the value of HULK.

While the involvement of former wrestling superstar Hulk Hogan in promoting the coin added a layer of complexity to the situation, he quickly distanced himself from the cryptocurrency, denying any association with its promotion. Speculations arose from discrepancies in his social media activity, with some pointing out recycled footage from December 2023 that raised doubts about the authenticity of his support for HULK.

The incident serves as a cautionary tale about the risks associated with celebrity-backed cryptocurrencies. The question remains: are these meme coins a recipe for disaster? Let us know your thoughts on investing in them!