Hulk Hogan Denies Promoting HULKAMANIA Coin

In A Nutshell

Retired professional wrestler Hulk Hogan has publicly refuted claims that he was behind recent posts on X, a social media platform, promoting the Solana-based memecoin HULKAMANIA (HULK). The posts, which have since been deleted, appeared to endorse the token, leading to a rapid surge and subsequent crash in its market value. Hogan, whose real name is Terry Gene Bollea, clarified on Instagram that these posts were not authored by him and would be removed.

Hogan’s Response to Memecoin Controversy

Hulk Hogan took to Instagram to address a series of promotional posts made on his X account regarding the memecoin HULKAMANIA. According to Hogan, these posts, which have all been deleted, were not made by him. Despite their removal, Google Search’s cache revealed content from Hogan’s X account that appeared to support the HULK token. This incident has left many questioning the security of Hogan’s social media accounts and whether they might have been compromised.

The Rise and Fall of HULKAMANIA

The memecoin in question, HULKAMANIA, experienced a dramatic pump and dump shortly after its launch on Solana. Within a span of just two hours, the token’s market capitalization soared to $18.8 million, only to plummet to $2 million 20 minutes later, where it has stabilized. This volatility was captured by DEX Screener, which tracked the coin’s rapid fluctuations.

Scrutiny over Celebrity-Endorsed Memecoins

The controversy surrounding Hogan’s alleged endorsement of HULKAMANIA comes at a time when several celebrities have ventured into launching their own cryptocurrency tokens. Notably, Caitlyn Jenner, Iggy Azalea, and Rich the Kid have all endorsed Solana-based tokens. Apart from Azalea’s MOTHER token, which recently reached an all-time high, the rest have experienced significant declines. This trend has sparked a debate about the role of celebrities in influencing the cryptocurrency market and the potential risks involved for investors.

Investigation into the Incident

Crypto analytics firm Bubblemaps revealed that prior to the promotional posts on Hogan’s X account, five wallets had acquired 15% of HULK’s total supply on the launch platform pump.fun. These wallets then proceeded to sell, securing $200,000 in profits from $1.5 million in unrealized gains. The circumstances surrounding how Hogan’s account was used to promote HULK remain unclear, raising concerns about account security and the possibility of manipulation in the memecoin market.

Our take

The incident involving Hulk Hogan’s alleged promotion of HULKAMANIA sheds light on the volatile and unpredictable nature of the cryptocurrency market, especially concerning memecoins. While celebrity endorsements can draw attention to new tokens, they also underscore the importance of conducting thorough research and exercising caution before investing. For the crypto community, this serves as a reminder of the potential pitfalls of meme-driven investments and the need for enhanced security measures to protect against unauthorized account use. As always, investors should prioritize due diligence and skepticism, particularly when navigating the speculative corners of the crypto space.

—

Sources:
– Instagram
– DEX Screener
– Bubblemaps