HULK Meme Coin Experiences 80% Decline After Hulk Hogan’s Tweets Disappear

Solana-based meme coin HULK collapsed by 80% after renowned American wrestler Hulk Hogan deleted earlier tweets promoting the coin.

Hogan is now embroiled in controversy after allegedly leveraging his brand to promote the HULK meme coin via his social media handles. The posts, which he later deleted, raised suspicions of insider trading as the action led to a dramatic 80% drop in HULK’s value within 15 minutes.

Prominent Chinese reporter Colin Wu called attention to this development in a post on X.

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

In one of the initial tweets, Hogan declared that no rival could match HULK; “not even your mother,” he asserted. Another swiftly deleted tweet boasted, “HULK breaking records, the real champion.”

Expectedly, these tweets caused an initial surge of interest and excitement among his followers and the broader crypto community.

However, the situation took a sharp turn when Hogan suddenly deleted all related content from his X account. Despite the deletion, the controversial tweets remained visible in Google’s cache, allowing the public to access the statements.

Hogan Denies Promoting HULK Meme Coin

In response to the unfolding scandal, Hogan took to Instagram to address his followers directly. He acknowledged the concerning situation and clarified that he had not posted anything on his Twitter account that day. Hogan further urged his fans to disregard the unauthorized tweets, assuring them that the posts were promptly deleted.

Supporting Hogan, Matt Binder, host of ScamEconomy, noted that suspicions of potential manipulation had arisen even before Hogan’s clarification. According to Binder, crypto enthusiasts had already noticed inconsistencies in Hogan’s social media activity.

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

it pumped big, millions of dollars, & then dumped

all the posts are now deleted. there’s a new post now claiming that the posts were not from him pic.twitter.com/hDuYVLgNQu

— Matt Binder (@MattBinder) June 6, 2024

Insider Trading Allegations

Amid the chaos, Bubblemaps data revealed that an insider had purchased 15% of HULK’s supply prior to Hogan’s tweets. A report pointed out that the insider implicated in the crash realized a massive 812-fold return from trading HULK.

The investor reportedly utilized a modest investment of 7.1 SOL, equivalent to approximately $1,200, to purchase 190.2 million HULK across four newly created wallets. Subsequently, they liquidated their stake for 5,760.7 SOL, yielding nearly $979,000.

This rapid disposal of assets triggered a significant reduction in HULK’s market capitalization, which plummeted from $17 million to merely $9.0k, as documented by Dexscreener. Presently, the trading value of the HULK coin stands at $0.00001007.

Although the full extent of Hogan’s involvement in the coin’s dramatic decline is still uncertain, this incident has illuminated the inherent risks associated with celebrity-backed cryptocurrencies.