Within an Hour Hulk Hogans Solana Meme Coin Plummets 85
Key Points
– Hulk Hogan’s HULK coin experiences an 85% crash in just one hour due to suspected insider trading.
– Questions arise about Hogan’s involvement, though he denies any connection as social media activity sparks suspicion.
– Insider selling leads to a $17 million loss for HULK, resulting in a market cap drop to $9.4k.
– The resurgence of celebrity meme coins is overshadowed by the downfall of HULK, raising concerns about the stability of such investments.
Hulk Hogan’s HULK coin, based on the Solana network, has suffered a significant setback with an 85% plunge in its value. This sudden and drastic decline has left investors reeling and has brought into question the reliability of cryptocurrencies endorsed by celebrities.
What Caused the Crash?
On June 6th, HULK, the celebrity-endorsed token, experienced a massive loss of $17 million, as reported by dexscreener. In a short period, its market capitalization dropped from $17 million to a mere $9.6 thousand. Currently, the value of Hulk coin stands at $0.00002251.
The crash was initiated by insider trading, where an individual made an enormous profit of 812x, pocketing close to a million dollars. This person acquired 190 million HULK tokens for only $1,200 worth of Solana (SOL) tokens, and subsequently sold them off rapidly, leading to the collapse of the HULK coin price.
Was Hulk Hogan Involved?
The involvement of former professional wrestler Hulk Hogan in promoting the celebrity meme coin has added a layer of complexity to the situation. Prior to the crash, Hogan had been actively endorsing the HULK meme coin through posts on social media, which have since been deleted.
Despite his initial promotion, Hogan has distanced himself from the cryptocurrency, denying any association with its promotion. He has urged his followers to disregard any content related to the coin, hinting that his social media accounts may have been compromised.
Social Media Speculation
Even before Hogan’s clarification, crypto enthusiasts had noticed discrepancies in his social media activity, suggesting potential manipulation. Some pointed out recycled content from December 2023 featuring Hogan, casting doubt on the authenticity of his endorsement of the HULK coin.
While the extent of Hogan’s involvement in the coin’s decline remains uncertain, this incident underscores the risks involved with investing in celebrity-backed cryptocurrencies.