Hulk Hogan Solana memecoin appears to lose $15 million in value after wrestler allegedly deletes posts promoting token

By RT Watson • Edited by Lawrence Lewitinn
Markets•June 6, 2024, 6:25PM EDT
UPDATED: June 7, 2024, 9:24AM EDT
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Hulk Hogan Solana memecoin appears to lose $15 million in value after wrestler allegedly deletes posts promoting token

Quick Take

  • Legendary wrestler Hulk Hogan is alleged to have promoted a Solana memecoin online and then deleted the posts.
  • The move appeared to cause the token to lose $15 million in market cap in a matter of minutes.
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After WWE wrestling legend Hulk Hogan allegedly deleted internet posts promoting a Solana memecoin on Thursday, the token reportedly lost $15 million in market cap, according to Step Finance's social media account Solana Floor. 

"HULK Solana memecoin plummeted from $17 million to $2 million in just a few minutes after he deleted tweets about the coin," the Solana-focused account posted.

Some users on X shared screenshots that appear to be comments promoting the HULK memecoin allegedly posted by Hogan's account earlier in the day. The Block sent a request for comment to the wrestler's official website but did not immediately receive a reply. 

Late Thursday, a post on Hogan's Instagram account stated: "Please do not take notice of any posts today. They are not from me and will be promptly removed." Also since late Thursday, Hogan's X account appears to have been wiped of all past posts.

With memecoins becoming increasingly easy to launch, the market for memecoins has exploded in recent months, with nearly half a million Solana tokens created in May alone, according to data compiled by The Block Pro. On Wednesday, Ethereum co-founder Vitalik Buterin said he was “quite unhappy” with celebrity memecoins experimentation. 

Updated with Instagram post made on Hogan's account and details about X account.