- Solana’s HULKAMANIA coin faced losses after Hulk Hogan deleted alleged promotion posts.
- Ethereum’s Vitalik Buterin expressed discontent about celebrity-endorsed memecoin frenzy.
As a researcher with a background in the crypto space, I’ve seen my fair share of market fluctuations and celebrity endorsements. However, the recent turn of events surrounding HULKAMANIA [HULK] on the Solana [SOL] blockchain has piqued my interest.
As an analyst, I’ve noticed that recently, the memecoin HULKAMANIA (HULK) on the Solana [SOL] blockchain underwent a substantial decrease in value, resulting in a loss of approximately $15 million from its market capitalization.
On the sixth of June, HULK’s value underwent significant volatility. There was first a considerable increase, or pump, followed closely by a steep decrease, or dump, within just two hours.
As a crypto investor, I’ve noticed some intriguing developments in the memecoin market around the same time that Hulk Hogan, the legendary WWE wrestler, was accused of promoting a particular memecoin on social media – specifically, on the 6th of June.
However, Terry Gene Bollea, also known as “Hulk Hogan,” denied responsibility for these posts.
Bollea later took to Instagram and said,
“Today’s posts aren’t mine, so please disregard them as I’ll be taking them down shortly.”
Hogan’s X posts
Screenshots of the now deleted posts of Hulk Hogan were shared widely on social media. The screenshots suggested that Hogan’s account posted comments promoting the $HULK memecoin.
“Insiders bought 15% of $HULK before it was announced.”
Based on DEX Screener’s data, more HULK tokens were bought than sold, with a total of $43.0 million in buy orders versus $42.9 million in sell orders. Although the gap is small, the demand to purchase HULK clearly outweighed the supply for sale, indicating robust buying pressure.
Adding a touch of sarcasm, reporter Kate Irwin commented on the situation and said,
“Either he scammed or got hacked lol.”
However, it remains unclear whether the account was hacked.
Impact on Solana-memecoin market?
During that time, I observed the Solana memcoin market maintaining its composure despite the ongoing events. The market cap experienced a minimal fluctuation of approximately 1.7%.
Previously, it wasn’t an unprecedented occurrence for a famed persona to introduce their own meme currency or lend support to a meme coin in the wider context.
Lately, Reality TV persona Caitlyn Jenner, in addition to musicians Iggy Azalea and Rich the Kid, have jumped into the mix and introduced their own meme-based cryptocurrencies.
Despite the craze surrounding memcoins endorsed by celebrities, Vitalik Buterin, the co-founder of Ethereum, spoke out against it, sharing his displeasure instead.
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2024-06-07 15:36