Hulk Hogan’s Twitter Tied to Meme Coin Scam

In a week marked by celebrity involvement in cryptocurrency, Hulk Hogan became the latest public figure linked to a dubious meme coin launch, following Caitlyn Jenner and Iggy Azalea. The buzz was initially high with the introduction of the HULK token on the Solana blockchain, but the excitement quickly turned sour as the token was implicated in a “rug pull,” leaving investors significantly out of pocket.

Following the suspicious activity, Hogan urgently distanced himself from the situation via Instagram, advising his followers to disregard any crypto-related posts shared on his Twitter account. “Please do not take notice of any posts posted today,” Hogan instructed, promising swift removal of the unauthorized content. Subsequently, all posts from Hogan’s Twitter feed were deleted, leaving his account barren except for a lingering website URL that still pointed to the token’s promotional site.

The situation surrounding the HULK token remains murky. It is unclear whether Hogan’s Twitter was compromised by hackers, or if an associate of Hogan may have misused the account for personal gain. Historically, similar incidents have involved both scenarios affecting celebrities and public figures.

Despite the removal of posts, the impact of the deceptive promotion was significant. On-chain data from DexScreener revealed that the HULK token initially surged to a market cap close to $19 million. However, the triumph was short-lived as the token’s value plummeted by approximately 85% to just $3 million, following substantial sales by the token’s initial deployer.

This dramatic drop is characteristic of a pump-and-dump scheme, a scenario all too familiar within the volatile crypto market. The trading frenzy reached around $82 million within hours, leaving many traders feeling betrayed, particularly those who held Hogan in high nostalgic regard.

A poignant tweet from a trader known as Wizard of SoHo encapsulated the sentiment: “LMFAO man, I was the biggest Hulk Hogan fan growing up… literally would watch wrestling in the electronic store TV from outside every week,” he shared. “If I could tell my 8-year-old self that someday Hulk Hogan would scam me for 20K… holy shit LMFAO.”

The alleged scam highlights the risks associated with celebrity-endorsed financial ventures, particularly in the largely unregulated world of cryptocurrency. Investors are reminded of the importance of diligence and skepticism, especially when investments are tied to the volatile and often unpredictable meme coin market.