Hulk Hogan Denies Role in Brief HULKAMANIA Memecoin Surge Amid Celebrity Crypto Boom
Summary:
Former professional wrestler Hulk Hogan denies responsibility for promoting the memecoin HULKAMANIA (HULK), which spiked and dipped within two hours. The posts, now deleted, appeared on Hogan's X account. It remains unclear if Hogan's account was hacked. Bubblemaps data shows five wallets bought 15% of the HULK supply before the posts were made, selling $200,000 worth soon after. This situation occurs amidst a surge of celebrities launching their own cryptocurrency tokens.
Former professional wrestler "Hulk Hogan," also known as Terry Gene Bollea, has stated he wasn't the one who published several now-erased X posts, promoting the Solana meme coin HULKAMANIA (HULK), which soared and then plummeted within a two-hour range. In an Instagram post dated June 5, he cautioned his followers to ignore any posts from that day, asserting they weren't his and would be expeditiously deleted. All of Hogan's X posts are now gone, nevertheless, Google Search's residual cache reveals that several posts advocating for a Solana-based token, HULK, were made from Hogan’s X account. One saved post contrasted the $HULK token with rapper Iggy Azalea’s MOTHER memecoin, stating, “No one can compete with $HULK not even your mother!” Another one provided a link to the token on DEX Screener. Posts reported by Mashable's Matt Binder, though not independently confirmed by Cointelegraph, displayed a video of Hogan seemingly referring to the token launch. However, Binder observed the footage was from a previous December event promoting a karaoke night. The market cap of HULK touched $18.8 million on June 6 at 7:40 pm UTC, roughly 90 minutes post-launch, before falling to a market cap of $2 million 20 minutes later, according to DEX Screener. Crypto analysis company Bubblemaps revealed data indicating that five wallets bought 15% of the HULK supply on the meme token launch site pump.fun prior to Hogan’s X account promoting the coin. These wallets had sold $200,000 of $1.5 million in potential earnings by June 6, 8:00 pm UTC, as per Bubblemaps. It remains uncertain whether Hogan's account was compromised, and if so, the details of how remains unknown. Hogan's representatives did not provide a comment. This alleged breach comes amid a wave of lower-tier celebrities initiating their own cryptocurrency tokens. Last month saw the likes of Caitlyn Jenner and rappers Iggy Azalea and Rich the Kid launching and backing Solana-based tokens. All tokens, except for Azalea’s MOTHER, experienced a more than 60% fall. In contrast, MOTHER recently reached an all-time high as the singer has committed to reform her token.
Published At
6/7/2024 4:40:34 AM
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