What Happened?
Hulk Hogan’s HULK token soared to a market cap of $17 million, thanks to social media hype on his accounts. Suddenly, those posts vanished, and so did the token’s value, plummeting to $11,000.
Hogan claims he never authorized the promotional posts, leaving investors wondering if it was a rogue social media manager or a case of mistaken identity.
Signs of a Scam
Crypto experts spotted red flags early on: recycled videos and a lack of endorsement on Hogan’s other platforms. This wasn’t a strategic move, it was a betrayal of investor trust.
Celebrity Memecoin Fallout
Hogan’s alleged rug pull isn’t isolated. Caitlyn Jenner and Floyd Mayweather have also been accused of similar scams. Only Iggy Azalea’s MOTHER coin seems to be holding its own.
Vitalik Buterin’s Criticism
Ethereum co-founder Vitalik Buterin has slammed these memecoins for their lack of innovation and exploitation of fans. He believes they’re just a quick way to make money.
Lesson Learned
If a celebrity is promoting a meme coin, approach it with caution. Just like you wouldn’t trust a wrestler promising world peace, don’t trust them with your financial future.
