Mother Iggy

Despite concerns voiced by Vitalik Buterin regarding celebrity coins on June 7, 2024, another celebrity coin dropped by more than 80% following its launch. Today, Hulk Hogan, an American wrestler who has won multiple WWE championships, made a post on X regarding his meme token HULK. However, he is now suspected of insider trading. WWE champion Hulk Hogan’s crypto crash&nbsp; 
Hogan launched the HULK token on the Solana blockchain today. Before the launch, he made multiple posts on X, and an insider subsequently bought a total of 15% of the HULK supply. However, once the token was launched, Hogan suddenly deleted all hisHULK-related posts from his X account, resulting in an 80% drop in the HULK token price in just 15 minutes. 
Notably, the insider who bought 15% of the supply exited before the token crash, making millions of dollars in profit. This suggests potential insider trading or a pump-and-dump scheme. The HULK token went live 13 hours ago and has since experienced a massive trading volume of $85.5 million and liquidity of $260k. This data highlights the interest of followers and meme enthusiasts in the HULK token. Vitalik Buterin warning about celebrities’ coins 
On June 5, 2024, <a href="https://news.todayq.com/heres-what-vitalik-buterin-says-as-mother-token-surges-15/" rel="noopener noreferrer nofollow">Vitalik Buterin</a> made a post on X where he stated that celebrities often create coins for quick profits rather than sustainable development. He noted that most meme coins do not support broader crypto goals or innovative solutions.&nbsp;
To address this trend, Buterin and other experts suggest several measures: promoting education about blockchain’s potential beyond speculation, encouraging transparency and tangible goals in celebrity-endorsed projects, supporting initiatives that use crypto for impactful innovations, and engaging celebrities in community-driven initiatives with collective benefits.
Buterin’s post follows Australian rapper and model Iggy Azalea’s promotion of the Mother Iggy (MOTHER) token. He expressed his dissatisfaction with the cycle of celebrity experimentation, stating, “Financialization as a means toward an end, I can respect if the end is worthy (healthcare, open source software, art, etc.).”
As of now, the overall cryptocurrency market appears stable. Top cryptocurrencies like Bitcoin, Ethereum, Solana, and BNB have experienced less than a 1% upside move. The current market structure shows stability, but the 24-hour trading volume has dropped by 6%, indicating a possible reduction in investor and trader interest.

WWE’s Hulk Hogan meme coin crashes amid insider trading allegations

Todayq News

Other articles published on Jun 7, 2024

Nigerian Tribunal fines Multichoice N150m, one-month free DStv/Gotv subscription for users

Whales Buy Altcoins Before Market Plunge

Bitcoin Spikes To $72K, Then Drops $1,300 Following US Employment Report: What Happened?

Theta and Fetch.AI Holders Jump Ship to MoonBag, The Best Crypto Presale in June 2024

GameStop Crypto Surging Again; GME Made New ATH; Spiked 160%

Is BRETT The New Meme Coin King? Token Surges 300% And Nears $2 Billion Market Cap

Join our free newsletter for daily crypto updates!