Memecoin

<ul class="list-ic vertical">
 <li>1 <a>Retired American professional wrestler Hulk Hogan is trapped in a cryptocurrency controversy.</a></li>
 <li>2 <a>The wrestler’s X accounts promoted the HULK token, which was pumped big and suddenly dumped.&nbsp;&nbsp;</a></li>
 <li>3 <a>Rumors are that his account was hacked amid the ongoing celebrity memecoin trend.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</a></li>
</ul>
On June 7, Hulk Hogan’s account promoted a memecoin named HULK, which helped individuals generate millions of dollars in profits before the crash. The pump and dump practices indicate an account hack amid the celeb memecoin trends, including Iggy Azalea, Davido, and Caitlyn Jenner.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h2 class="wp-block-heading" id="strong-did-hulk-fall-victim-to-a-pump-dump-scheme-strong">Did HULK Fall Victim to a Pump &amp; Dump Scheme?&nbsp;</h2>
At a time when crypto influencers and celebrities promoted memecoins, Hulk Hogan’s account introduced the HULK token to the crypto space. Within a few minutes, the token pumped big, generating millions of dollars in profit and plummeted by more than 80% in 15 minutes.
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 Hulk Hogan, an American wrestler who has won WWE championships many times, posted a Memecoin named HULK on Twitter today, suspected of insider trading. Hulk Hogan suddenly deleted all related content then, causing HULK to plummet by more than 80% in 15 minutes.— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1798901524409782473?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 7, 2024</a>
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After the incident, Hogan deleted all its posts from the account, informing about the account hack. However, there is no confirmation of this.&nbsp;
“The website is updated with the HULK info! I’m all jacked up for tonight”, Hogan tweeted before deleting posts. Since then, his X page shows no activity, same as the website.
<h3 class="wp-block-heading" id="strong-other-celebrities-recent-activities-strong">Other Celebrities Recent Activities&nbsp;</h3>
The rumors about Hogan’s account hack seek the crypto community’s attention towards the previous similar incident. On May 26, it was rumored that Gigantic Cassocked-Rebirth (GCR), Rich The Kid, and Caitlyn Jenner’s X accounts were hacked and promoted memecoins like Luna2.0 and ORDI – this was unconfirmed.
Eventually, Caitlyn Jenner’s account was not hacked or promoted celeb memecoin JENNER. The coin is showcasing an outstanding performance nowadays, trading at $0.007312 at press time after a 19.11% spike in a day.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A few days after the JENNER token launch, Iggy Azalea and Davido also introduced their memecoins named MOTHER and DAVIDO. When writing, the MOTHER token was hovering at $0.2173 after an intraday surge of 52.55% with a market cap of $206,763,362.
The crypto community was related to Hack Hogan’s recent activities and these trends. However, the pump and dump situation indicates a hack.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h3 class="wp-block-heading" id="strong-market-s-reaction-to-the-news-strong">Market’s Reaction to the News</h3>
The activity sought the crypto community’s attention, and many famous personalities reacted to the incident.&nbsp;&nbsp;&nbsp;
Matt Binder took to X to share the news of Hulk Hogan’s social media accounts and website promoting the HULK token and connected the same with the recent celeb memecoin trend. He also disclosed details on the sudden pump and dump act.&nbsp;
<center>
 <blockquote class="twitter-tweet">
 Hulk Hogan’s social media accounts &amp; website promoted a <a href="https://twitter.com/search?q=%24HULK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$HULK</a> crypto token today, jumping on the recent celeb memecoin trend it pumped big, millions of dollars, &amp; then dumped all the posts are now deleted. there’s a new post now claiming that the posts were not from him <a href="https://t.co/hDuYVLgNQu" rel="noopener noreferrer nofollow">pic.twitter.com/hDuYVLgNQu</a>— Matt Binder (@MattBinder) <a href="https://twitter.com/MattBinder/status/1798823681998897321?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 6, 2024</a>
 </blockquote>
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Binder also shared Hulk Hogan’s X screenshots to confirm the hack. The crypto community reacted by saying that it was either a scam or a hack.
The pump-and-dump practices aren’t new to the crypto market, and Squid Game pump-and-dump is one of the biggest in history. The token was created to pump up the price and gathered over $12 Million before disappearing.
Pump-and-dump is a market manipulation scheme that surges the token price and crashes out by selling the token to unsuspecting investors. The newly formed <a href="https://www.thecoinrepublic.com/2024/05/30/top-5-real-world-assets-rwa-cryptocurrencies-to-watch-in-2024/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrencies </a>are largely unregulated and thus make it easy for scammers to attempt such practices.
<h4 class="wp-block-heading">Disclaimer</h4>
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.&nbsp;

Hulk Hogan Promoted HULK Amid Celeb Memecoin Trend: Hack Or Fake?

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Thecoinrepublic.com

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