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CDS Crypto News HULK Solana Memecoin Loses $15 Million Market Cap Following Hulk Hogan’s Deleted Posts

Crypto News

HULK Solana Memecoin Loses $15 Million Market Cap Following Hulk Hogan’s Deleted Posts

Zeynep Öztürk07/06/20241 Mins read228

HULK Solana Memecoin Loses $15 Million Market Cap Following Hulk Hogan’s Deleted Posts

On Thursday, wrestling icon Hulk Hogan allegedly deleted online posts promoting a Solana-based memecoin, resulting in a dramatic drop in the token’s market capitalization. According to Step Finance’s Solana Floor social media account, the token’s value plummeted by $15 million.

“HULK Solana memecoin‘s market cap plunged from $17 million to $2 million within minutes after Hogan deleted tweets endorsing the coin,” reported the Solana-focused account.

Some users on X shared screenshots that seemingly show comments promoting the HULK memecoin, purportedly posted by Hogan earlier in the day.

The memecoin market has seen rapid growth, with the launch of these tokens becoming increasingly easy. In May alone, nearly half a million Solana tokens were created, according to data from The Block Pro. Ethereum co-founder Vitalik Buterin recently expressed his displeasure with the trend of celebrity-endorsed memecoins, stating on Wednesday that he is “quite unhappy” with these experiments.