Hulk Hogan Denies Involvement in HULKAMANIA Meme Coin Promotion After Market Crash

• Renowned wrestler Hulk Hogan has been associated with the promotion of a Solana-based meme coin named HULKAMANIA (HULK), which he later appeared to disown, causing market uncertainty.
• The meme coin experienced a significant market value drop, plummeting from $17 million to $2 million within a short timeframe.
• Hogan later clarified through his social media accounts that he had not endorsed any posts promoting the HULK meme coin.

Discover the latest in celebrity-linked cryptocurrencies and how Hulk Hogan’s alleged involvement in a Solana-based meme coin affected its market performance.

Hulk Hogan Refutes Claims of Promoting HULK Meme Coin

According to Step Finance’s Solana Floor social media, the meme coin’s market cap drastically fell from $17 million to $2 million after Hogan reportedly deleted promotional posts. Hogan, whose real name is Terry Gene Bollea, has since denied any involvement, asserting that the posts were not made by him. In a subsequent Instagram post on June 5, he emphasized, “Please ignore any posts from today. They are not from me and will be removed promptly.”

Frenzy of Celebrity-Endorsed Meme Coins Continues

The surge in meme coins continues with the ease of launching new tokens, as evidenced by almost 500,000 Solana tokens created in May. Ethereum’s co-founder Vitalik Buterin has criticized the trend, expressing his concern over the speculative nature of these projects. High-profile figures such as Caitlyn Jenner, Rich The Kid, Iggy Azalea, and Davido have all ventured into this market, although many have seen their tokens suffer massive value declines post-launch.

While Jenner’s token JENNER and Davido’s Timeless Davido (DAVIDO) have dropped significantly, not all have fared poorly. Iggy Azalea’s MOTHER token reached a new all-time high market cap of $134 million on June 6, credited largely to her efforts in promoting transparency and community trust.

Conclusion

The involvement of celebrities in the meme coin market continues to be a mixed bag. While some tokens experience brief surges before plummeting, others manage to sustain or even increase their value through committed community engagement and transparency. As the crypto landscape evolves, it remains crucial for investors to conduct thorough due diligence and for projects to incorporate lasting, valuable features to secure long-term success.