Despite concerns voiced by Vitalik Buterin regarding celebrity coins on June 7, 2024, another celebrity coin dropped by more than 80% following its launch. Today, Hulk Hogan, an American wrestler who has won multiple WWE championships, made a post on X regarding his meme token HULK. However, he is now suspected of insider trading.
WWE champion Hulk Hogan’s crypto crash
Hogan launched the HULK token on the Solana blockchain today. Before the launch, he made multiple posts on X, and an insider subsequently bought a total of 15% of the HULK supply. However, once the token was launched, Hogan suddenly deleted all his HULK-related posts from his X account, resulting in an 80% drop in the HULK token price in just 15 minutes.
Notably, the insider who bought 15% of the supply exited before the token crash, making millions of dollars in profit. This suggests potential insider trading or a pump-and-dump scheme. The HULK token went live 13 hours ago and has since experienced a massive trading volume of $85.5 million and liquidity of $260k. This data highlights the interest of followers and meme enthusiasts in the HULK token.
Vitalik Buterin warning about celebrities’ coins
On June 5, 2024, Vitalik Buterin made a post on X where he stated that celebrities often create coins for quick profits rather than sustainable development. He noted that most meme coins do not support broader crypto goals or innovative solutions.
To address this trend, Buterin and other experts suggest several measures: promoting education about blockchain’s potential beyond speculation, encouraging transparency and tangible goals in celebrity-endorsed projects, supporting initiatives that use crypto for impactful innovations, and engaging celebrities in community-driven initiatives with collective benefits.
Buterin’s post follows Australian rapper and model Iggy Azalea’s promotion of the Mother Iggy (MOTHER) token. He expressed his dissatisfaction with the cycle of celebrity experimentation, stating, “Financialization as a means toward an end, I can respect if the end is worthy (healthcare, open source software, art, etc.).”
As of now, the overall cryptocurrency market appears stable. Top cryptocurrencies like Bitcoin, Ethereum, Solana, and BNB have experienced less than a 1% upside move. The current market structure shows stability, but the 24-hour trading volume has dropped by 6%, indicating a possible reduction in investor and trader interest.
