Hulk Hogan, the wrestling legend, has clarified that the recent posts promoting the Solana-based memecoin HULK on his account were not made by him.

Investors in HULK are facing a tough day as the celebrity memecoin, inspired by Hulk Hogan’s image, saw its market cap surge to over $17 million yesterday before plummeting to around $8,000, as reported by CoinGecko.

Mashable’s crypto journalist, Matt Binder, revealed that Hogan’s account, X, was used to promote the HULK memecoin with multiple posts yesterday. The token experienced a significant increase in market cap before crashing back down. Hogan later disowned these posts, claiming they were not authorized by him.

Binder also pointed out several red flags regarding the HULK posts on Hogan’s account. One of the tweets included a video of Hulk Hogan seemingly endorsing the memecoin, but it was actually an old video from December 2023 promoting a karaoke night and had no mention of crypto.

Bubblemaps, a Blockchain Data visualizer, highlighted that “insiders” had purchased a substantial amount of HULK before the posts were made public. The data showed that these insiders had already made significant profits from the pump and dump scheme.

While this situation continues to unfold, Hulk Hogan joins the list of celebrities who have gotten involved in the memecoin trend. Stay informed by subscribing to receive email alerts directly to your inbox.

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