Wrestling icon Hulk Hogan finds himself embroiled in the wild world of cryptocurrency after social media posts promoting a Solana memecoin named HULK seemingly vanished from his accounts. This online maneuver allegedly triggered a dramatic drop in the token’s value, wiping out a reported $15 million from its market capitalization within minutes.
The story unfolded on Thursday, June 6th, when Solana-centric Twitter account Solana Floor reported a significant plunge in the HULK token’s value. According to their post, the memecoin plummeted from a market cap of $17 million to a mere $2 million shortly after Hogan supposedly deleted tweets promoting the token. Screenshots circulating on social media appeared to show comments endorsing HULK from an account linked to the wrestler.
Hulk Hogan, whose legal name is Terry Bollea, has denied any involvement. His official website received a request for comment from The Block, a cryptocurrency news outlet, but no response was available at the time of publication.
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This incident highlights the increasingly volatile landscape of memecoins. These digital tokens, often inspired by internet jokes and pop culture references, have experienced a surge in popularity recently. Data compiled by The Block Pro indicates that nearly half a million Solana tokens were created in May alone, showcasing the ease of launching such cryptocurrencies. However, concerns are rising about the potential for manipulation within this burgeoning market. Just a day before the HULK token’s plunge, Ethereum co-founder Vitalik Buterin expressed his disapproval of celebrity endorsements in the memecoin space.
The situation surrounding Hulk Hogan and the HULK token serves as a cautionary tale for investors venturing into the memecoin market. With limited regulations and a high degree of speculation, these digital assets can be susceptible to dramatic price fluctuations. As investigations into Hogan’s alleged involvement continue, one thing remains clear: the world of memecoins continues to be a place where brother can fight brother (and apparently, token can fight token) with unpredictable results.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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