Hulk Hogan’s HULK Memecoin Plummets in Controversial Rug Pull

• Hulk Hogan has been embroiled in a crypto scandal surrounding the HULK token.
• This incident follows the trend of celebrities launching meme coins, such as Caitlyn Jenner and Iggy Azalea.
• Hogan took to Instagram to disavow any promotional posts from his Twitter account, claiming they were not made by him.

Legendary wrestler Hulk Hogan finds himself at the center of a crypto controversy, urging fans to disregard suspicious posts linked to his Twitter account.

HULK Token Launch and the Subsequent Fallout

In early June 2024, the HULK token made a dramatic entry into the cryptocurrency market, initially capturing the fascination of investors and Hulk Hogan fans alike. A wave of social media activity from Hogan’s account, promoting the token, led many to believe in its legitimacy. However, the euphoria was short-lived as the market cap, which peaked at nearly $19 million, nosedived following suspicious activities linked to the token’s deployment and trading.

Questions Arise About Hogan’s Involvement

Mounting evidence suggests that the promotional video purportedly portraying Hogan’s endorsement was, in fact, a repurposed clip from a December 2023 karaoke event, which had nothing to do with cryptocurrency. This has cast significant doubt on the legitimacy of the posts from Hogan’s account, with many speculating whether his account was hacked or if there was an insider connection misusing it.

The Mechanics of the Alleged Rug Pull

On-chain analysis from DexScreener revealed rapid trading activity that led to an abrupt price collapse, indicative of a “rug pull.” This pump-and-dump scheme involved the anonymous token deployer cashing out significant quantities of HULK tokens, leaving investors with depreciated assets. From its peak, the token’s market cap plunged by approximately 85%, settling at about $3 million.

Community Backlash and Investor Sentiment

The fallout from the HULK token incident has sparked outrage within the crypto community. Many traders feel deceived, including some who nostalgically admired Hogan. Pseudo-anonymous influencers like Wizard of SoHo expressed their disappointment and financial losses on Twitter. Despite the backlash, some admit a conflicted reverence for Hogan due to their childhood admiration.

Conclusion

The HULK token debacle serves as a sobering reminder of the risks associated with celebrity-endorsed cryptocurrencies. As the dust settles, it remains to be seen whether authorities will investigate the potential hacking of Hogan’s account or the possibility of insider fraud. For now, investors are advised to exercise caution and perform thorough due diligence before diving into the volatile world of crypto assets.