The celebrity memecoin of athlete and actor Hulk Hogan based on Solana showed a sharp drop in value by 85%, according to the portal DexScreener.
This comes amid controversial activity by the wrestler’s social media account X (formerly Twitter) and a possible insider deal.
Hulk Hogan’s social media accounts & website promoted a $HULK crypto token today, jumping on the recent celeb memecoin trend
it pumped big, millions of dollars, & then dumped
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
The situation around the HULK asset has caused controversy in the crypto community. Users immediately noticed several strange events associated with the token.
They noted that the actor’s social media account X had previously repeatedly advertised the asset, urging people to invest. However, on June 6, 2024, these posts were suddenly removed from Hogan’s account.
On the same day, analysts recorded a likely insider transaction involving memcoin. An unknown user purchased 190 million HULK for $1,200 shortly before the price of the asset increased.
After a short period of time, the trader dumped all the tokens, receiving almost $1 million for them. Thus, the user increased the initial investment by 812 times.
Immediately after this, the HULK rate fell by tens of percent: from the level of $0.0002 it fell to $0.000012. In just a few hours, the asset’s market capitalization dropped from $17 million to $9,600.
Users suspected the actor of involvement in the so-called Pump and Dump scheme. However, Hogan claims that he has nothing to do with the promotion of memcoin. He urged users to ignore any posts and messages on this topic sent on behalf of the wrestler.
Hogan suggested that his social networks could have been hacked and thus promoted the token. Community members greeted these claims with skepticism. Users noted that the actor’s account repeatedly showed inconsistent behavior and suspicious activity.
Source: Cryptocurrency
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