HULK Celebrity Memecoin Pumps and Dumps in Alleged Rug Pull As Hulk Hogan Claims His Accounts Were Hacked

Wrestling legend Hulk Hogan says that posts made to his account promoting the Solana (SOL)-based memecoin HULK yesterday were not from him.

HULK investors are reeling today after the celebrity memecoin based on Hulk Hogan’s likeness pumped to an over $17 million market cap yesterday before crashing to its current market cap of roughly $8,000, according to CoinGecko.

According to Mashable crypto reporter Matt Binder, Hogan’s X account promoted the HULK memecoin through several posts yesterday. During that time, the token pumped to a multi-million dollar market cap before crashing down to earth. Hogan later claimed the posts were not from him.

According to Binder, there were also several red flags about the HULK posts on Hogan’s account.

“There were signs that something was off with HULK.

For example, this tweet included a video of Hulk Hogan seemingly endorsing the memecoin to prove it was legit.

But the video is actually from a Dec 2023 video promoting a karaoke night & makes zero actual references to crypto.”

According to the Blockchain Data visualizer Bubblemaps, data shows that “insiders” bought a significant amount of HULK before the posts went live.

“Insiders bought 15% of HULK before it was announced

We have found 5 connected wallets that bought on http://pump.fun before Hulk Hogan shared the contract.

Already $200,000 sold and ~$1.5 million unrealized.”

Though this story is still developing, Hogan is far from the first celebrity to jump on the memecoin craze.

Generated Image: Midjourney