Hulk Hogan Denies Involvement in HULK Token Promotion

NAIROBI (CoinChapter.com) — Retired pro wrestler Hulk Hogan claims he did not promote the Solana memecoin HULKAMANIA (HULK) on his social media. On June 5, Hogan’s Instagram post stated that multiple now-deleted posts on his X account were not made by him. The posts, which caused a pump and subsequent dump of the token, have since been removed.

Pump and Dump: The HULKAMANIA Saga

The scammers promoted a token called HULKAMANIA (HULK) on Hogan’s X account. One now-deleted post read, “No one can compete with $HULK not even your mother!” Another shared a link to the token on DEX Screener.

Hogan’s X account allegedly promoted the HULKAMANIA token, leading to a quick market surge. The token peaked at a market capitalization of $18.8 million on June 6, only to plummet to $2 million 20 minutes later. Hogan’s Instagram post clarified that these promotional posts were unauthorized and would be removed.

As of June 6, HULKAMANIA (HULK) is priced at $0.001336, reflecting a 44.37% increase in the last 24 hours. The token’s 24-hour trading volume is $1.88 million, with liquidity at $7.29k. HULK has a fully diluted valuation (FDV) and market cap of $1.43 million. The token, live for only 14 hours, has rapidly garnered a growing number of holders.

Crypto analytics firm Bubblemaps revealed that five connected wallets bought 15% of HULK tokens before the alleged promotion. These wallets sold $200,000 worth of tokens from $1.5 million in unrealized gains, suggesting possible insider trading. The timing of these trades raised eyebrows, but it’s unclear if Hogan’s account was hacked.

Hulk Hogan Denies Involvement Amid Market Chaos

Hogan took to Instagram to clarify his stance, stating, “Please do not take notice of any posts posted today. They are not from me and will be promptly removed.” Despite his denial, cached versions of Hogan’s X account showed multiple posts promoting the HULKAMANIA, including one comparing it to Iggy Azalea’s Mother Iggy memecoin.

Mashable reporter Matt Binder shared screenshots of Hogan’s posts. One post featured a video of Hogan, allegedly referring to the token launch, but Binder noted the video was from December and promoted a karaoke night.

The controversy surrounding Hogan’s involvement highlights the volatile nature of celebrity-endorsed cryptocurrencies. Other celebrities, including Caitlyn Jenner and Rich the Kid, have also launched Solana-based tokens, most of which have experienced significant value drops. Unlike these, Iggy Azalea’s MOTHER token has seen some success, reaching an all-time high recently.