Hulk Hogan’s Solana Meme Coin Crash By 85% Within an Hour

The post Hulk Hogan’s Solana Meme Coin Crash By 85% Within an Hour appeared first on Coinpedia Fintech News

Celebrity meme coins are back in the spotlight as market conditions improve, but not all are seeing success. Hulk Hogan’s Solana-based meme coin, HULK, has faced a dramatic 85% drop in value. This sudden crash has shocked investors and raised questions about the stability of celebrity-backed cryptocurrencies.

Reason Behind The Crash? 

HULK the celebrity-backed coin suffered a massive blow, a staggering $17 million loss on June 6th, according to dexscreener. Within a matter of hours, its market cap plummeted from $17 million to just $9.6 thousand. As of now, Hulk coin is trading at $0.00002251.

The crash was triggered by insider selling, with one individual managing to secure an 812x gain, pocketing nearly a million dollars in a short period. This insider bought 190 million HULK tokens for just $1,200 worth of Solana (SOL) tokens, only to dump them all shortly after, causing the HULK price to collapse.

Was Hulk Hogan Behind This?

Former professional wrestler Hulk Hogan’s involvement in promoting the celebrity meme coin added to the confusion. Before the crash, Hulk Hogan had been actively promoting the HULK meme coin through now-deleted posts on social media. 

However, Hogan swiftly distanced himself from the cryptocurrency, denying any association with its promotion. Hogan urged his followers to disregard any posts related to the coin, suggesting that his social media accounts may have been hacked.

Social Media Inconsistency 

Even before Hogan’s clarification, crypto enthusiasts noticed an inconsistency in his social media activity, indicating potential manipulation. While some pointed to recycled footage from December 2023 in Hogan, casting doubt on the authenticity of his support for the HULK coin.

While it remains unclear whether Hogan was directly involved in the coin’s downfall, the incident has highlighted the risks associated with celebrity-backed cryptocurrencies.