Pro wrestling icon Hulk Hogan has denied being behind the promotional posts for the Solana (SOL) based memecoin HULK that appeared on his account recently.
Investors in HULK are facing a major disappointment as the celebrity-backed memecoin, inspired by Hulk Hogan’s persona, skyrocketed to a market cap of over $17 million before plummeting to a mere $8,000 as reported by CoinGecko.
According to crypto journalist Matt Binder from Mashable, Hogan’s account, X, was used to promote the HULK memecoin through various posts. The token’s value surged to millions before crashing back down. Hogan clarified that he did not authorize these posts.
Binder also pointed out several red flags regarding the HULK promotions on Hogan’s account. One particular tweet featured a video of Hulk Hogan supposedly endorsing the memecoin, but it was actually a clip from a 2023 video promoting a karaoke event with no mention of crypto.
Data from Bubblemaps, a Blockchain Data visualizer, revealed that “insiders” had purchased a significant amount of HULK before the promotional posts were made public. This insider trading resulted in a substantial profit before the value plummeted.
While this situation continues to unfold, Hulk Hogan joins a long list of celebrities who have dabbled in the memecoin trend.
Stay updated by subscribing for email alerts. Remember to conduct thorough research before investing in high-risk assets like Bitcoin or cryptocurrencies. Your financial decisions are your own responsibility. The Daily Hodl does not provide investment advice or endorse the buying or selling of digital assets. Please be aware of the risks involved in trading.
