Solana
Solana Memecoin Hulk Hogan Coin Crashes 85% in Insider Selling Frenzy
Celebrity meme coins are making headlines again, riding the (somewhat reclaimed) glow of the market. But wait a minute, because all that glitters isn’t gold – or, in this case, cryptocurrency. Hulk Hogan’s entry into the world of cryptography with his Meme piece based on SolanaHULK, has just suffered a brutal blow – an 85% drop in value to be exact.
The sudden crash shook investors and sparked heated debates about the reliability of celebrity-backed cryptocurrencies.
Understanding the HULK Hogan disaster
On June 6, celebrity-backed coin HULK suffered a major blow, suffering a shocking loss of $17 million, as reported by dexscreener. In just a few hours, its market capitalization fell from a peak of $17 million to just $9.6 thousand. Currently, Hulk coin is trading at $0.00002251.
The crash was triggered by insider selling, with one individual making an astonishing 812x gain, pocketing almost $1 million in a short period of time. This insider purchased 190 million HULK tokens for just $1,200 worth of Solana (SOL) tokens, only to unload them shortly after, leading to a catastrophic collapse in the HULK price.
Was Hulk Hogan behind this?
Adding to the complexity of the situation was the involvement of former professional wrestler Hulk Hogan in promoting the celebrity coin. Prior to the crash, Hogan had actively promoted the HULK 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 ignore any posts related to the play, implying that his social media accounts may have been compromised.
Speculations and doubts
Even before Hogan’s clarification, crypto enthusiasts had noticed inconsistencies in his social media activity, raising suspicions of potential manipulation. Some pointed to recycled images from December 2023, casting doubt on the authenticity of his support for the HULK coin.
Although the extent of Hogan’s involvement in the coin’s downfall remains unclear, the incident highlighted the risks associated with celebrity-backed cryptocurrencies.
Are celebrity-backed memecoins a recipe for disaster? Let us know if you would ever invest in one!
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