Did Hulk Hogan Allegedly Manipulate the Price of a Solana Meme Coin?
However, after the coin experienced a rapid decline, Hogan took to Instagram to clarify that any crypto-related posts coming from his Twitter account should be ignored.
Hogan shared on Instagram, “Please do not take notice of any posts posted today. They are not from me and will be promptly removed.”
There is no evidence of the alleged crypto scam on Hogan’s official Twitter account, which has been completely wiped clean of any activity.
$HULK @HulkHogan off the top of the fib!
(Crowd roars) pic.twitter.com/qImLjJP6KI
— RARE SCRILLA (@ScrillaVentura) June 6, 2024
It remains unclear whether Hogan’s Twitter account was hacked as part of an intricate crypto scheme, similar to what has happened to other celebrities in the past, or if it was misused by someone associated with Hogan and the account.
While Hogan’s Twitter profile is now devoid of content, the website URL still leads to a website created for the HULK token. A search of Hogan’s name reveals the fallout within the crypto community caused by the alleged scam on Thursday.
The HULK meme coin was extensively promoted via Hogan’s account, including interactions with fellow celebrity Iggy Azalea about her coin. It also featured a seemingly endorsed video of the coin, which was later identified by journalist Matt Binder as unrelated content from a 2023 karaoke competition video without any cryptocurrency references.
there were signs that something was off with $HULK
for example, this tweet included a video of Hulk Hogan seemingly endorsing the memecoin to prove it was legit
but the video is actually from a Dec 2023 video promoting a karaoke night & makes zero actual references to crypto pic.twitter.com/J9jMJweLtA
— Matt Binder (@MattBinder) June 6, 2024
According to on-chain data from DexScreener, the HULK token’s market cap surged to almost $19 million before plummeting due to the alleged actions of the token’s creator, who seemingly sold off large quantities—a move referred to as a “rug pull” in the crypto world. This incident could also be classified as a classic pump-and-dump scheme.
HULK’s market cap currently stands at just $3 million, representing a decrease of approximately 85% from its short-lived peak. In a matter of hours, the token saw trading volume amounting to around $82 million. Traders have taken to Twitter to express their frustration at feeling deceived by the wrestling legend, although some may find solace in the nostalgic connection to Hogan.
“LMFAO man, I was the biggest Hulk Hogan fan growing up… literally would watch wrestling in the electronic store TV from outside every week,” tweeted pseudonymous trader and influencer Wizard of SoHo. “If I could tell my 8-year-old self that someday Hulk Hogan would scam me for 20K… holy shit LMFAO.”