Did Hulk Hogan Participate in the Pumping and Dumping of a Solana Meme Coin?

Wrestling legend Hulk Hogan allegedly promoted a Solana-based meme coin called HULKAMANIA (HULK) online and then deleted the posts, causing the token’s market value to decline.

The meme coin’s market cap dropped from $17 million to $2 million in a matter of minutes.

Hulk Hogan denies promotional posts

As reported by Step Finance’s social media account, Solana Floor, the HULK meme coin’s market capitalization plummeted from $17 million to $2 million just minutes after the alleged removal of promotional posts by Hogan.

Hulk Hogan’s social media accounts and website promoted a $HULK crypto token today, jumping on the recent celebrity memecoin trend

pumped a lot, millions of dollars, and then poured

all posts have now been removed. Now there is a new post claiming that the posts were not from him pic.twitter.com/hDuYVLgNQu

— Matt Binder (@MattBinder) June 6, 2024

Screenshots circulating on social media platform X purportedly show comments from Hogan’s account endorsing the currency of the HULK meme. However, Hogan, also known as Terry Gene Bollea, has denied authorship of these posts. In a June 5 Instagram update, she clarified: “Please disregard any posts published today. They are not from me and will be removed promptly.”

Celebrity Meme Coins Craze

Meme coins have become increasingly popular and are now easy to launch, with nearly half a million Solana tokens created in May alone. Ethereum co-founder Vitalik Buterin has expressed his dissatisfaction with the trend of celebrity-endorsed meme coins, stating that he is “quite unhappy” with the experiment.

In recent weeks, several celebrities, including Olympian Caitlyn Jenner, rappers Rich The Kid and Iggy Azalea, and Nigerian musician Davido, have launched their own meme coins.

Most of these tokens have experienced a significant decrease in value after release. For example, JENNER is down 75.0% from its all-time high, and Timeless Davido (DAVIDO) is down 68.2% from its all-time high.

However, not all celebrity-endorsed tokens have had the same luck. Iggy Azalea’s MOTHER token recently hit an all-time high, reaching a market cap of $134 million as of June 6. This is after Azalea promised to clear her testimony, which has contributed to her relative success.

In a March article, Buterin outlined what he believes are essential features for meme coins to be considered honorable and respectable. He suggested that beyond enriching early adopters and celebrities, such projects could have public good goals related to art projects or charities, be designed to last at least a decade, and include engaging mechanics such as token voting and decentralized autonomous organizations (DAO).

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