Hulk Hogan Denies Shilling Meme Coin Posts on X Platform

Retired professional wrestler Hulk Hogan, known in real life as Terry Gene Bollea, has disavowed any connection to promoting the Solana-based memecoin HULKAMANIA (HULK) on the X platform. Multiple posts endorsing the token were made on Hogan's X account but have since been deleted. In a June 5 Instagram post, Hogan clarified, "Please do not take notice of any posts posted today. They are not from me and will be promptly removed."

Promotion and Dump of HULK Token

While Hogan's X posts promoting HULK have been removed, Google Search's cache reveals several posts promoting the token. One post compared HULK to rapper Iggy Azalea's Mother Iggy (MOTHER) meme coin, stating, "No one can compete with $HULK, not even your mother!" Another post shared a link to the token on DEX Screener.

Mashable reporter Matt Binder shared additional posts, which Cointelegraph could not independently verify. One post included a video of Hogan seemingly referring to the token launch, but Binder clarified that the video was from December and promoted a karaoke night.

HULK's Market Performance

Source: Dexscreener

HULK initially peaked at a market capitalization of $18.8 million on June 6 at 7:40 pm UTC, just over an hour and a half after its launch. However, its value quickly plummeted to a market cap of $2 million 20 minutes later, where it has remained, according to DEX Screener.

Crypto analytics firm Bubblemaps reported that five wallets purchased 15% of the HULK supply on the meme token launch platform pump.fun before Hogan's X account promoted the token. These wallets had allegedly sold $200,000 worth of $1.5 million in unrealized gains as of around June 6, 8:00 pm UTC.

Alleged Hack and Celebrities' Crypto Token Launches

It remains unclear if Hogan's account was hacked and, if so, how it happened. Hogan's team has yet to respond to requests for comment.

This alleged hack coincides with a trend of B-list celebrities launching their crypto tokens. Reality TV star Caitlyn Jenner and rappers Iggy Azalea and Rich the Kid launched and endorsed Solana-based tokens last month. However, most of these tokens, except for Azalea's MOTHER, have experienced significant drops in value. MOTHER recently reached an all-time high as Azalea vowed to improve the token's performance.

Investor Caution

While the potential for high returns with meme coins is enticing, it's important to exercise caution. Memecoins are highly volatile and speculative investments. Prices can fluctuate dramatically, and there's a significant risk of losing your entire investment. Always do thorough research, consider your risk tolerance, and consult a financial advisor before investing in any cryptocurrency, especially those as unpredictable as meme coins. Investing in early-stage projects carries additional risks, so proceed cautiously and invest only what you can afford to lose.