HULK Meme Coin Crashes, WWE Star Hulk Hogan Devastated as HULK Tanks by $17 Million in Hours

June 7, 2024 at 12:27 PM GST updated: June 7, 2024 at 12:28 PM 2 mins read Latest News

Hulk Hogan’s HULK meme coin’s market cap plummeted from $17 million to $11,000 on June 6.
Hogan denied authorizing deleted social media posts promoting HULK, causing confusion.
Ethereum’s Vitalik Buterin criticized celebrity crypto endorsements as financially motivated and lacking substance.

HULK, the Solana meme coin created by WWE legend Hulk Hogan, took a major financial hit on Thursday, June 6. The market capitalization of the coin fell from $17 million to just $11,000 in a matter of hours.

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Hulk Hogan, an American wrestler who has won WWE championships many times, posted a Memecoin named HULK on Twitter today, suspected of insider trading. Hulk Hogan suddenly deleted all related content then, causing HULK to plummet by more than 80% in 15 minutes.
— Wu Blockchain (@WuBlockchain) June 7, 2024

After Hulk Hogan deleted all promotional content for the Solana meme coin from his social media accounts, the price declined drastically. HULK investors were caught off guard by Hogan’s unexpected takedown of these posts which led to price drop of the coin.

HULK holders were left confused when Hogan quickly denied authorizing the deleted posts. There were inconsistencies in Hogan’s social media activity, which crypto users were quick to notice.

Further investigation showed that, in contrast to other celebrities’ constant promotion of their coins, Hogan and his brand manager never backed HULK on other platforms, like Instagram.

Vitalik Buterin, co-founder of Ethereum, has spoken out against celebrity endorsements in the cryptocurrency industry, arguing that many of these ventures merely intend to make money and have no real impact.

Several influencers have been sanctioned by regulatory authorities for engaging in fraudulent cryptocurrency promotions. This raises suspicions about celebrities venturing into the cryptocurrency space without having any actual knowledge in the field.

The creator of Solana, Raj Gokal, has spoken out in favor of meme coins, saying that individuals should be free to enjoy themselves. The rise in meme coins endorsed by celebrities, however, raises questions about regulatory oversight and market stability.

Hulk Hogan’s meme coin’s abrupt collapse highlights the dangers of cryptocurrency projects supported by celebrities. Celebrities seem to be entering the cryptocurrency space more for financial gain than for having an actual understanding of the technology. This trend has the potential to further harm the crypto market’s reputation and draw increased regulatory scrutiny.