Hulk Hogan Seemingly Launches HULK Token That Instantly Rug-Pulls

Legendary WWE Wrestler Hulk Hogan has been the latest celebrity misappropriated as the face of a quickfire rug-pull crypto scam.

Hulk Hogan quickly took to Instagram to distance himself from the rug pull, but now the Solana meme coin community has initiated a takeover.

After Iggy Azalea and Caitlyn Jenner recently launched Solana meme coins, it appeared yesterday (6 June) as if legendary professional wrestler Hulk Hogan had followed suit, launching the HULK token on Solana.

Hell No Brother – Hogan Quickly Distances Himself From Rug Pull

(DEXSCREENER)

The token was rug-pulled instantly, and Hogan took to Instagram to urge fans to ignore any crypto posts from his Twitter account.

It is extremely likely that his Twitter account was hacked. On Instagram, he said, “Please do not take notice of any posts posted today. They are not from me and will be promptly removed.”

All traces of the HULK token have now been deleted from Hogan’s Twitter account. Whether intentional or not, all non-crypto-related content has also been scrubbed.

The only aspect of his account that is still visible is a link to his official website. Hogan’s Twitter account was likely hacked by the same individual who created the HULK token in order to initiate the pump-and-dump scheme.

There have been many such cases in the past with other celebrities.

Hogan’s account had shared dozens of posts about the HULK meme coin. Among them was a post to Iggy Azalea about her coin, MOTHER.

The account also shared an apparent video endorsement of the coin. Matt Binder from Mashable clarified that the video was from an unrelated 2023 video about a karaoke competition.

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 pic.twitter.com/J9jMJweLtA

— Matt Binder (@MattBinder) June 6, 2024

DISCOVER: The Best Solana Meme Coin to Buy In June 2024

Community Takeover To Reignite HULK?

Upon launch, the HULK token quickly mooned, and its market cap briefly touched $19 million. It didn’t last long as the dev quickly began selling large amounts of the token.

The sell-off took place from multiple wallets, resulting in a rug pull. HULK dumped to below $1 million market cap but has since been taken over by the community.

It is already back at $1.5 million as a result. It will be interesting to see how far this community takeover (CTO) can go as Hulk Hogan is a strong meme narrative from which to build.

(@HulkCTO)

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.