A memecoin, HULK, bearing American Wrestler Hulk Hogan’s name was launched on Twitter.
Several celebrities have launched solana-based tokens in the past month.
Since the beginning of May, the market has witnessed multiple celebrity memecoin shillings. Following this, famed American wrestler Hulk Hogan’s twitter account saw the release of a memecoin earlier this week. The memecoin named HULK, was launched on the Solana blockchain.
HULK witnessed a price hike within the first few hours of its launch. Shortly afterward the token’s price plummeted by a significant 85%. The market crash occurred due to the Wrestler’s deleting all his posts on the X account.
Initially, the wrestler’s X account shared controversial posts attempting to pump up the memecoin HULK. The posts targeted singer/rapper Iggy Azalea who also recently launched her memecoin, MOTHER. Following this on Friday, Hulk Hogan deleted the posts which caused HULK’s market cap to slide notably from $17 million to $2 million.
Furthermore, the retired pro wrestler has denied responsibility for the posts on X. His Wednesday announcement on Instagram stated that “they weren’t from me” and he asked followers to ignore any other posts on his Twitter. This suggests that Hulk Hogan’s X account was hacked contrary to previous assumptions.
Meanwhile, on Thursday, before Hogan’s post on Twitter, Bubblemaps data showed insider trading of the memecoin. It showed that traders had bought 15% of HULK’s supply before the American pro wrestler posted on X. Additionally, the traders managed to exit before the ‘rug pull’ happened and have made profits of millions of dollars according to the data.
Are Solana-Based Celebrity Memecoins Reliable?
In the past month, the memecoin sector has seen an influx in celebrities’ tokens. Notable RealityTV star, Caitlyn Jenner launched her memecoin on the Solana blockchain, in the Pump.fun deployment tool. The token launched under the name JENNER witnessed a price hike initially before prices plummeted.
Similarly, Iggy Azalea’s MOTHER also launched on Solana and was a prominent focus within the market. Additionally, Nigeria singer Davido launched his token DAVIDO on pump.fun. These two tokens also showed a similar price performance of pump and dump.
The increasing celebrity memecoin shillings have raised community’s speculations about their intentions for memecoins. Amid Solana memecoins trending, traders analyze if the celebrities solely focus on monetary profits or are showing genuine interest in the sector.
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