As a researcher with a background in the cryptocurrency market, I’ve seen my fair share of celebrity-endorsed meme coins, and this latest incident involving Hulk Hogan and his alleged promotion of the HULK meme coin is yet another example of how these tokens can cause significant volatility in the market.
As a crypto investor, I’ve come across some intriguing news regarding Solana’s HULKAMANIA (HULK) token. It’s been reported that wrestling legend Hulk Hogan may have hyped up this meme coin on his social media channels, only to later delete those posts. Consequently, the market value of HULK took a hit following these deletions.
In just a few minutes, the value of the meme coin’s total market holdings plummeted from $17 million down to a mere $2 million.
Hulk Hogan Denies Promotional Posts
According to Step Finance’s social media update, the value of HULK meme coin’s market capitalization dropped dramatically from $17 million to $2 million in a short time frame after reports surfaced that Hogan supposedly deleted promotional posts for the token.
Hulk Hogan’s social media platforms and website announced the promotion of a cryptocurrency token named $HULK today, capitalizing on the current trend among celebrities for meme coins.
it pumped big, millions of dollars, & then dumped
all the posts are now deleted. there’s a new post now claiming that the posts were not from him
— Matt Binder (@MattBinder) June 6, 2024
As a researcher examining social media activity related to HULK meme coin, I came across screenshots on platform X that appeared to show comments endorsing the coin from an account believed to be owned by Terry Gene Bollea, or Hogan. However, Hogan himself has denied creating these posts. In a June 5 Instagram update, he made it clear that “the posts put up today are not from me” and that they would be taken down promptly.
Celebrity Meme Coins Craze
As a researcher studying the cryptocurrency market, I’ve observed an uptick in the popularity of meme coins, which are now relatively simple to launch. In fact, over 450,000 new Solana tokens were created during May 2021 alone. However, Ethereum co-founder Vitalik Buterin has voiced his discontent with this trend, sharing that he is “quite unhappy” about the recent experimentation with meme coins endorsed by celebrities.
In the recent past, a number of well-known personalities such as Olympian Caitlyn Jenner, rappers Rich The Kid and Iggy Azalea, and Nigerian artist Davido, have introduced their own meme coins to the public.
The majority of these tokens have experienced substantial decreases in worth since their launch. For example, JENNER has plummeted by 75.0%, dropping from its peak value, while Timeless Davido (DAVIDO) has declined by 68.2%.
As a researcher studying the world of celebrity-endorsed cryptocurrencies, I’ve come across various cases where the outcomes have differed significantly. One recent example that stands out is Iggy Azalea’s token, MOTHER. This digital currency saw an unprecedented surge in value, reaching a market cap of over $134 million on June 6. This impressive growth can be attributed to several factors, one of which is Azalea’s commitment to cleaning up her token. By addressing potential issues and maintaining transparency, she has likely contributed to the trust and confidence investors have in MOTHER, thereby driving its success.
In a March article, Vitalik Buterin outlined his perspective on what makes meme coins worthy of respect and recognition in the crypto community. He proposed that these projects should aim to benefit more than just early adopters and famous personalities. Furthermore, they could be dedicated to long-term objectives such as supporting art projects or charitable causes. Additionally, engaging features like token voting and decentralized autonomous organizations (DAOs) can help ensure the longevity of these coins.
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2024-06-07 11:02