- Hulk Hogan was accused of being involved in a celebrity meme coin scam on Solana called HULK token
- The HULK token experienced a massive price pump followed by a rug pull where the price crashed dramatically
- Hogan denied being involved, stating that the tweets promoting the token were “not from me”
Legendary professional wrestler Hulk Hogan was recently accused of promoting and then rug pulling the HULK meme coin on Solana. However, Hogan claims the promotional tweets were not actually from him. This bizarre saga has left many in the crypto community feeling duped.
What Happened:
On Thursday June 6th, Hulk Hogan’s Twitter account began promoting a new meme coin called HULK on the Solana blockchain. The account shared dozens of tweets hyping up the coin, including a purported endorsement video from Hogan himself.
The HULK token quickly skyrocketed to a market cap of nearly $19 million as buyers rushed in. But then the price suddenly plunged as the creator of the token dumped their holdings, rug pulling investors. The token now sits at around just $3 million market cap.
Hogan Denies Involvement:
Shortly after the rug pull, Hogan posted on Instagram claiming the crypto promotion tweets were not actually from him and would be removed. Hogan’s official Twitter account was also mysteriously wiped clean.
It’s unclear whether Hogan’s account was hacked or if someone connected to Hogan used it without his knowledge. But Hogan wants fans to know the HULK meme coin had nothing to do with him.
Crypto Community Reacts:
Many traders who lost money on the HULK rug pull took to Twitter to express their dismay, albeit with some nostalgic humor. The saga left some feeling swindled by their childhood wrestling hero.
The HULK pump and dump adds to a string of recent celebrity-promoted meme coin controversies, including coins launched by Iggy Azalea and Caitlyn Jenner. The legitimacy and motives behind these celebrity meme coin projects continues to be questioned.
Conclusion:
While the details are still hazy, the apparent Hulk Hogan crypto promotion turned out to be a major scam. The legendary wrestler wants fans to know he was not involved, but the debacle has left many feeling manipulated. The larger issue of celebrity-backed meme coins persists, but investors should remember to approach them with extreme caution.
