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, surged to a market cap of over $17 million yesterday before plummeting to around $8,000, as reported by CoinGecko.

Crypto reporter Matt Binder from Mashable disclosed that posts promoting the HULK memecoin were shared on Hogan’s X account. The memecoin saw a substantial increase in market cap before experiencing a sharp decline. Hogan disavowed any connection to the posts.

Binder highlighted several suspicious aspects of the HULK posts on Hogan’s account, pointing out that a video shared as proof of legitimacy actually dated back to a karaoke night in December 2023 and had no mention of crypto.

Bubblemaps, a Blockchain Data visualizer, revealed that significant purchases of HULK were made by “insiders” before the posts were made public. The data indicated that $200,000 worth of HULK was sold, with approximately $1.5 million in unrealized gains.

While the situation continues to unfold, Hogan joins a list of celebrities who have dabbled in the memecoin trend. Stay tuned for updates on this developing story.

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