HULK Celebrity Memecoin pumps and dumps in alleged rug pull as Hulk Hogan claims his accounts were hacked

Wrestling legend Hulk Hogan says messages posted to his account yesterday promoting the Solana-based memecoin HULK (SOL) did not come from him.

HULK investors are in shock today after the celebrity memecoin based on the image of Hulk Hogan reached a market cap of over $17 million yesterday before crashing to its current market cap of about $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 this time, the token reached a market cap of millions of dollars before crashing to earth. Hogan later claimed the messages did not come from him.

According to Binder, there were also several red flags regarding HULK's posts on Hogan's account.

“There were signs that something was wrong with HULK.

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

But the video is actually from a December 2023 video promoting a karaoke night and makes no actual reference to crypto.

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

“Insiders bought 15% of HULK before its announcement.

We found 5 smart wallets purchased before Hulk Hogan shared the deal.

Already $200,000 sold and about $1.5 million unrealized.

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

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Image generated: halfway