Hulk Hogan accused of HULKAMANIA (HULK) memecoin pump and dump
The iconic figure in wrestling, Hulk Hogan, is said to have thrown his weight behind a Solana-powered meme token dubbed HULKAMANIA (HULK) on the internet before erasing these endorsements. This action reportedly led to the asset's value tumbling.
The worth of the meme token took a steep dive, plummeting from a valuation of $17 million to just $2 million within moments.
Hogan Refutes Endorsement Claims
According to the social media feed of Step Finance, known as Solana Floor, the valuation of the HULK meme token experienced a sharp decrease from $17 million down to $2 million in mere minutes after the supposed retraction of Hogan's endorsements.
Hogan's digital footprints on social media and his official website had earlier showcased support for the $HULK cryptocurrency token, aligning with the ongoing trend of celebrity meme coin promotions
It saw a significant surge, with its value increasing by millions, before facing a drastic drop,
"all the posts are now deleted. there’s a new post now claiming that the posts were not from him pic.twitter.com/hDuYVLgNQu"
— Matt Binder (@MattBinder) June 6, 2024
Captured on the platform X, screenshots allegedly show endorsements from Hogan's account about the HULK meme token. However, Hogan, whose real name is Terry Gene Bollea, has denied these claims. He clarified via an Instagram post on June 5: "Please ignore any endorsements made today. They were not by me and will be taken down shortly.”
The Surge in Celebrity Meme Tokens
Meme tokens have captured the public's imagination, becoming incredibly accessible for creation, with nearly half a million Solana tokens coined in May alone. Ethereum's co-founder, Vitalik Buterin, has voiced his concerns about this trend, specifically celebrity endorsement, mentioning he is “quite unhappy” with these developments.
In recent times, several high-profile names, including Olympic icon Caitlyn Jenner, musical talents Rich The Kid and Iggy Azalea, and Nigerian artist Davido, have ventured into creating their meme tokens.
The trend has largely seen these tokens depreciate after their introduction. For example, JENNER faced a 75.0% fall from its peak value, and Timeless Davido (DAVIDO) saw a 68.2% decline from its zenith.
Yet, not every celebrity-backed token has seen a downfall. Iggy Azalea's MOTHER token recently reached a new zenith, boasting a market capitalization of $134 million on June 6. This surge came after Azalea pledged to reform her token, aiding in its standout success.
In an article from March, Buterin elucidated his vision for what makes meme coins genuinely noble and commendable. He proposed that these ventures should extend beyond merely benefiting the initial patrons and celebrities, by incorporating objectives that serve the public good, such as supporting art initiatives or charities, being built to endure for at least a decade, and implementing interactive features like token-based voting and the use of decentralized autonomous organizations (DAOs).
