Wrestling Legend Hulk Hogan Denies Promotion of Fake Meme Coins on X

Bittime - Wrestling legend Hulk Hogan (Terry Gene Bollea) denied promoting the HULKAMANIA (HULK) meme coin on his X platform. The Solana-based coin soared sharply and then fell drastically in a short time.

Message From Hulk Hogan

On June 5, Hogan posted a message on Instagram stating, "Please ignore all posts that appeared today on my X. They are NOT from me and will be removed immediately." Sure enough, all of Hogan's posts on X promoting HULK have been deleted.

However, Google Search still keeps traces of these posts. Based on the cache (temporary archive), the X Hogan account was seen several times promoting HULK. One post read, "No one can beat $HULK, not even your mom!"

It seems that this post is a mockery of the MOTHER meme coin initiated by rapper Iggy Azalea. Another post shared a link to DEX Screener, a platform for viewing the price and liquidity of crypto tokens.

Report from a reporter from Mashable, Matt Binder, reported from Cointelegraph, indicating the existence of a Hogan video that appears to refer to the token launch. However, Binder clarified that the video was from last December and was actually promoting a karaoke event.

HULK Token Has Reached $18 Million in Market Cap

HULK itself reached a peak market capitalization of $18.8 million (around IDR 301.2 billion) on June 6, at 7:40 pm UTC - only about an hour and a half after launch.

However, 20 minutes later, its market capitalization plummeted. It was recorded that its market capitalization was $2 million (around IDR 32 billion) and has remained at that figure to date, according to DEX Screener.

Crypto analytics firm Bubblemaps claims their data shows there are five digital wallets purchasing 15% of the total supply of HULK on the memecoin launch platform pump.fun. This was before Hogan's X account promoted the token.

According to Bubblemaps, as of June 6, at 8:00 pm UTC, the five wallets had sold $200,000 (around Rp. 3.2 billion) of unrealized profits worth $1.5 million (around Rp. 24 billion).

Hulk Hogan's Account Allegedly Hacked

It is not yet known for certain whether X Hogan's account was hacked, and if it was hacked, how it happened. Hogan's representatives did not immediately respond to a request for comment.

The case of alleged hacking of celebrity accounts to promote fake crypto tokens is not the first. Previously, a number of B-list celebrities such as reality TV star Caitlyn Jenner, rapper Iggy Azalea, and Rich the Kid launched and promoted Solana-based tokens last May.

Almost all of these tokens - except Azalea's MOTHER - experienced a drastic decline in value of over 60%. MOTHER itself recently reached an all-time high after Azalea promised to improve the token ecosystem.

This incident is a warning for crypto investors to always be careful and carry out in-depth research before investing in tokens promoted by celebrities. Make sure the information you get comes from trusted sources and be wary of detrimental pump-and-dump schemes.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.