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- A wave of controversy has arisen involving legendary wrestler Hulk Hogan and the promotion of a Solana memecoin.
- It is reported that Hulk Hogan deleted his promotional posts about the memecoin shortly after posting them.
- This incident resulted in a significant drop in the token’s market value, raising many questions within the crypto community.
Legendary wrestler Hulk Hogan is embroiled in controversy after reportedly deleting posts promoting a Solana memecoin, causing the token’s market value to plummet.
Hulk Hogan’s Post-Deletion Sparks Memecoin Market Crash
According to Solana Floor, a social media account from Step Finance, the deletion of promotional posts about the Solana memecoin by WWE legend Hulk Hogan led to a shocking $15 million drop in the token’s market value.
Immediate Market Reaction to Hogan’s Actions
Solana Floor reported that the token’s value nosedived from $17 million to a mere $2 million just minutes after Hogan removed his tweets. Screenshots shared by users on X suggested that Hogan’s account had posted and then quickly removed endorsements for the HULK memecoin. The Block attempted to contact Hogan through his official website for a comment but did not receive an immediate response.
Rising Memecoin Market Dynamics
The Block Pro’s data indicates that the memecoin market has been booming, with about half a million tokens created within the Solana ecosystem just in May. This growing ease of launching memecoins has dominated recent trends, although it also raises questions about sustainability and market manipulation. Ethereum co-founder Vitalik Buterin has expressed his discontent with celebrity involvement in memecoin experiments, further underpinning the market volatility.
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Conclusion
The events surrounding Hulk Hogan’s deleted promotional posts highlight the volatile nature of the crypto market and the significant influence of celebrity endorsements. Investors are urged to conduct their own research and exercise caution, given the inherent risks in the rapidly evolving landscape of memecoins. As this saga unfolds, it serves as a potent reminder of how quickly market dynamics can shift based on high-profile actions.
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