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A Solana (CRYPTO: SOL)-based memecoin promoted by Hulk Hogan reportedly suffered a $15 million loss in market cap after the wrestling legend allegedly deleted social posts shilling the cryptocurrency.
What Happened: HULK‘s value plunged from $17 million to a mere $2 million within minutes of Hogan’s supposed deletions, according to a post by a Solana-associated X account Thursday.
Widely-followed journalist Matt Binder posted screenshots, allegedly showing promotional posts by Hogan earlier in the day. In one of the posts, Hogan wrote, “Website hulkhogan.com is #updated with the $HULK info! I’m all jacked up for tonight!”
The posts have been removed as of this writing, and Hogan later clarified on Instagram that the posts were not from him.
See Also: Here’s How Much Just $100 In Bitcoin Will Be Worth If Cathie Wood’s BTC Prediction Is Correct
Why It Matters: The recent surge in celebrity-endorsed memecoins has been a topic of concern in the cryptocurrency community.
Launching memecoins has become easier than ever before thanks to launchpads such as pump.fun. However, fears of pump and dump and rug pulls have caused market anxiety.
Ethereum (CRYPTO: ETH) creator Vitalik Buterin expressed his disapproval of the fad earlier this week, criticizing the trend and urging the community to steer “things in a better direction.” He argued that the creators of these tokens use celebrities’ names to attract investors while providing little value in return.
Interestingly, there appears to be a correlation between the involvement of celebrities in cryptocurrency markets and cycle tops. Referencing events from previous cycles, it was seen that when celebrities begin promoting cryptocurrencies, the market typically experiences a final surge before hitting a local top.
Photo by CMP_NZ on Shutterstock
