In a dramatic turn of events for the cryptocurrency market, WWE wrestling legend Hulk Hogan allegedly deleted internet posts promoting a Solana meme coin on Thursday, leading to a significant market upheaval. According to Step Finance’s social media account, Solana Floor, the token known as HULK saw its market cap plummet from $17 million to a mere $2 million in just a few minutes after the deletion.
The Solana-focused account posted,
“HULK Solana meme coin plummeted from $17 million to $2 million in just a few minutes after he deleted tweets about the coin.”
The rapid descent in value sparked widespread discussion among cryptocurrency enthusiasts and market watchers. Some users on X (formerly known as Twitter) shared screenshots that appear to show comments promoting the HULK meme coin allegedly posted by Hogan’s account earlier in the day. Despite the buzz, a request for comment sent to the wrestler’s official website did not receive an immediate reply.
Solana Tokens Soar: Half a Million Created in May
This incident highlights the volatile nature of meme coins and their susceptibility to the influence of high-profile endorsements. Meme coins, which are often based on internet memes and trends, have seen an unprecedented surge in popularity. Data compiled by The Block Pro reveals that nearly half a million Solana tokens were created in May alone, underscoring the rapid expansion of this niche market.
However, this rapid growth comes with its pitfalls. Ethereum co-founder Vitalik Buterin recently voiced his concerns over the celebrity-driven meme coin frenzy. On Wednesday, Buterin expressed his dissatisfaction, stating he was “quite unhappy” with the trend of celebrities experimenting with meme coins, suggesting that such endorsements could lead to unstable market conditions and potential investor losses.
The HULK meme coin crash serves as a cautionary tale for investors and highlights the need for due diligence. As the meme coin market continues to expand, the influence of celebrity endorsements will likely remain a contentious issue, prompting calls for greater regulation and transparency in the cryptocurrency space.
In the wake of this incident, the Solana community and wider crypto market will undoubtedly be watching closely to see how similar scenarios unfold in the future.