Saad Ullah
Hulk Hogan denies posting promotions for the Solana memecoin HULK, which saw a rapid pump and dump.
Hulk Hogan Denies Promoting HULK Memecoin
Retired professional wrestler Hulk Hogan has publicly denied any involvement in promoting the Solana-based memecoin HULK on his X account. In a June 5 Instagram post, Hogan, whose real name is Terry Gene Bollea, clarified that the now-deleted posts were not made by him. He urged his followers to ignore the posts, promising they would be promptly removed.
Hogan’s X account had shared multiple posts promoting HULK, a token that experienced a rapid rise and fall in value. Google Search’s cache revealed posts from Hogan’s account claiming that no one could compete with HULK, even mentioning another memecoin, Mother Iggy (MOTHER), associated with rapper Iggy Azalea. Another post included a link to the token on DEX Screener.
HULK’s Market Cap Surge and Plunge
On June 6, at 7:40 pm UTC, HULK reached a peak market capitalization of $18.8 million, just an hour and a half after its launch. However, within 20 minutes, the market cap plummeted to $2 million, where it has remained since, according to DEX Screener.
Crypto analytics firm Bubblemaps reported that five wallets purchased 15% of the HULK supply on the launch platform pump.fun before Hogan’s X account promoted the token. These wallets had sold $200,000 worth of tokens, out of $1.5 million in unrealized gains, by around 8:00 pm UTC on June 6. This data has raised questions about the legitimacy of the promotions and the transactions surrounding HULK.
Speculation Over Account Hacking
It remains unclear whether Hogan’s X account was hacked or how the posts were made. Hogan’s team has not responded to requests for comment. The incident has sparked discussions about the security of celebrity accounts and the influence of such endorsements in the volatile crypto market.
The alleged hack and the subsequent controversy occur amidst a trend of B-list celebrities launching their own crypto tokens. Reality TV star Caitlyn Jenner and rappers Iggy Azalea and Rich the Kid have all endorsed Solana-based tokens recently. However, most of these tokens have seen significant value drops, with the exception of Azalea’s MOTHER, which hit an all-time high following her pledge to clean up the token.
Conclusion
Hogan’s denial and the surrounding controversy highlight the potential risks and impacts of celebrity endorsements in the cryptocurrency market. As the situation develops, it underscores the importance of due diligence for investors and the need for enhanced security measures to prevent unauthorized promotions.
Saad Ullah
