A memecoin named HULK, inspired by American Wrestler Hulk Hogan, made its debut on Twitter recently. Over the past month, several celebrities have introduced tokens based on the Solana blockchain.
Since the start of May, there has been a surge in the promotion of celebrity memecoins. Most recently, Hulk Hogan’s Twitter account revealed the launch of a memecoin called HULK on the Solana blockchain.
HULK experienced a surge in price shortly after its release, but the value dropped significantly by 85% not long after. This market crash was attributed to Hulk Hogan deleting all posts on his X account.
Initially, posts on Hulk’s X account were controversial and aimed at boosting the memecoin HULK. The posts targeted singer/rapper Iggy Azalea, who had also recently launched her own memecoin, MOTHER. However, Hulk Hogan later deleted these posts on Friday, causing HULK’s market cap to decline from $17 million to $2 million.
Hulk Hogan, a retired professional wrestler, denied any involvement with the posts on his X account. In an announcement on Instagram on Wednesday, he claimed that the posts were not from him and urged followers to disregard any content on his Twitter account. This suggests that Hulk Hogan’s X account may have been hacked, contrary to earlier beliefs.
On Thursday, prior to Hogan’s Twitter post, Bubblemaps data revealed insider trading activity related to the memecoin. Traders had acquired 15% of HULK’s supply before Hulk Hogan’s X account post. These traders managed to exit before the market crash, reportedly making millions in profits.
The rise of celebrity memecoins on the Solana blockchain has sparked speculation about their reliability. Notable figures like Caitlyn Jenner, Iggy Azalea, and Davido have all launched their own tokens, experiencing both price surges and drops.
With the increasing popularity of Solana-based celebrity memecoins, traders are questioning whether these celebrities are solely focused on financial gains or genuinely interested in the sector. The community is closely watching to see the intentions behind these celebrity memecoin launches.
