By
Anisha Pandey
June 27th, 2024
The uncertainty surrounding Hogan’s involvement follows a pattern of B-list celebrities launching or endorsing their crypto tokens.
Former professional wrestler Hulk Hogan has distanced himself from a series of now-removed social media posts promoting the Solana-based meme coin HULKAMANIA (HULK). The posts, which triggered a brief surge followed by a significant drop in the token’s value, were disowned by Hogan.
Suspected Social Media Compromise
In an Instagram post, Hogan, whose real name is Terry Gene Bollea, urged his followers to disregard any posts made that day, stating, “Please do not take notice of any posts posted today. They are not from me and will be promptly removed.”
Despite the removal of all related posts from his X (formerly Twitter) account, cached versions of the posts reveal that Hogan’s account did promote the HULK token, encouraging users to invest. One cached post even read:
“No one can compete with $HULK not even your mother!”
The promotion of HULKAMANIA led to a rapid surge in its value, with the token reaching a peak market capitalization of $18.8 million shortly after its launch. However, within just 20 minutes, the market cap plummeted to $2 million, and has not recovered from that level at the time of writing. This swift rise and fall has raised questions about the authenticity of the promotion and whether Hogan’s account was compromised.
Swift Market Movements and Wallet Activity
According to data from crypto analytics firm Bubblemaps, five wallets acquired 15% of the HULK supply during its launch on the meme token platform pump.fun, before Hogan’s account shared the token. These wallets managed to sell $200,000 worth of the token, realizing substantial profits as the market reacted to the promotional posts.
The uncertainty surrounding Hogan’s involvement follows a pattern of B-list celebrities launching or endorsing their crypto tokens. Notably, reality TV star Caitlyn Jenner and rappers Iggy Azalea and Rich the Kid have also recently introduced Solana-based tokens. However, many of these tokens have seen significant declines in value, except for Azalea’s MOTHER, which has maintained value due to her active involvement and cleanup efforts.
Wider Concerns Regarding Celebrity-Endorsed Tokens
The surge in celebrity-endorsed meme coins has sparked concern within the crypto community. Ethereum creator Vitalik Buterin recently criticized this trend, suggesting that it often leads to short-term hype without long-term value and can precede market tops. The ease of launching such tokens on platforms like pump.fun has made it easier for these events to occur, often leading to fears of pump-and-dump schemes and rug pulls.
Amid the controversy, Hogan’s team has not responded to requests for comment, leaving it unclear whether his account was compromised. The deleted posts have continued to circulate in Google’s cache and have been documented by various journalists, further complicating the legitimacy of the promotion.
This incident serves as a reminder of the potential risks associated with celebrity-endorsed cryptocurrencies.