A new memecoin called HULK, inspired by American Wrestler Hulk Hogan, made its debut on Twitter recently. This comes amidst a trend of celebrities launching solana-based tokens in the market.
In the last month, there has been a surge in the promotion of celebrity memecoins. Hulk Hogan joined the fray by introducing HULK on the Solana blockchain through his Twitter account. The token experienced a surge in price upon its release, but quickly dropped by 85% as Hogan deleted his posts on the platform.
Initially, Hogan’s posts were controversial, targeting singer/rapper Iggy Azalea and her own memecoin, MOTHER. However, Hogan later distanced himself from these posts, claiming that his account was hacked. This revelation caused HULK’s market value to plummet from $17 million to $2 million.
Furthermore, data from Bubblemaps revealed insider trading in HULK before Hogan’s announcement on Twitter. Traders were able to profit significantly by buying and selling the token before the market crash.
The rise of solana-based celebrity memecoins has sparked debates about their credibility. Celebrities like Caitlyn Jenner, Iggy Azalea, and Davido have all launched their own tokens on the Solana blockchain, with mixed results. This trend has led many to question whether these celebrities are genuinely interested in the memecoin sector or simply looking to capitalize on its popularity.
As the market remains relatively quiet, there is speculation about a potential bullish rally on the horizon. Traders and investors are keeping a close eye on the latest developments in the crypto market to anticipate future trends and opportunities.