Celebrity meme coins are back in the headlines, basking in the (somewhat recovered) glow of the market. But hold on a minute, because not all that glitters is gold – or, in this case, cryptocurrency. Hulk Hogan’s entry into the crypto world with his Solana-based meme coin, HULK, has just taken a brutal beating – an 85% drop in value to be exact.
This sudden crash has left investors reeling and sparked fiery debates about the trustworthiness of celebrity-backed cryptocurrencies.
On June 6th, HULK, the celebrity-backed coin, suffered a massive blow, experiencing a shocking loss of $17 million, as reported by dexscreener. Within a short span of hours, its market cap plummeted 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 astonishing 812x gain, pocketing nearly a million dollars in a short period. This insider purchased 190 million HULK tokens for just $1,200 worth of Solana (SOL) tokens, only to unload them shortly after, leading to the catastrophic collapse in the HULK price.
Former professional wrestler Hulk Hogan’s involvement in promoting the celebrity meme coin added to the complexity of the situation. Prior to the crash, Hogan had actively promoted the HULK meme coin through now-deleted posts on social media platforms.
However, Hogan quickly distanced himself from the cryptocurrency, denying any association with its promotion. He urged his followers to disregard any posts related to the coin, hinting that his social media accounts may have been compromised.
Even before Hogan’s clarification, crypto enthusiasts had noticed inconsistencies in his social media activity, raising suspicions of potential manipulation. Some pointed out recycled footage from December 2023, casting doubts on the authenticity of his support for the HULK coin.
While the extent of Hogan’s involvement in the coin’s downfall remains unclear, the incident has shed light on the risks associated with celebrity-backed cryptocurrencies.
Are celebrity-backed memecoins a recipe for disaster? Let us know if you’d ever invest in one!
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