Hulk Hogan Memecoin Slammed in $17 Million Crypto Rug Smackdown


The
Wild
West
of
cryptocurrency
just
witnessed
another
saloon
brawl,
this
time
courtesy
of
wrestling
legend
Hulk
Hogan
and
his
ill-fated
meme
coin,
HULK.
Hogan
allegedly
rug
pulled
his
investors,
wiping
out
millions
in
a
digital
bodyslam.


Hulk
Hogan
Crypto
Crash

What
Went
Wrong?

The
story
goes
like
this:
HULK
tokens
were
riding
high,
with
a
market
cap
of
$17
million,
thanks
in
part
to
a
social
media
blitz
on
Hogan’s
accounts.
Investors
were
giddy,
primed
for
a
moonshot.

How To Get Free Crypto  

Then,
quicker
than
a
leg
drop
off
the
top
turnbuckle,
Hogan’s
posts
promoting
HULK
vanished
into
thin
air,
taking
the
token’s
value
with
them.
HULK
crashed
faster
than
a
folding
steel
chair,
plummeting
to
a
measly
$11,000.
Investors
were
left
reeling,
their
dreams
of
financial
bliss
shattered
like
glass
jaws
in
a
steel
cage
match.

Hogan
claims
he
never
authorized
the
promotional
posts
in
the
first
place.
Was
it
a
rogue
social
media
manager
channeling
their
inner
“Hollywood
Hogan?”
A
case
of
mistaken
identity?
The
plot
thickens
faster
than
instant
mashed
potatoes.

Savvy
crypto
enthusiasts
smelled
a
scam
from
the
get-go.
Incriminating
evidence
surfaced

recycled
videos
from
December
promoting
a
karaoke
event,
and
a
glaring
lack
of
endorsement
on
the
other
platforms
linked
to
Hulk
Hogan.
This
wasn’t
a
strategic
body
slam,
it
was
a
piledriver
onto
investor
trust.

Hulk
Hogan.
Source:
Marca.com


Celebrity
Memecoin
Fallout

Hogan’s
supposed
rug
pull
isn’t
an
isolated
incident;
it’s
the
latest
body
blow
in
a
string
of
celebrity-endorsed
meme
coin
meltdowns.
Just
weeks
ago,
TV
personality
Caitlyn
Jenner
pulled
a
similar
stunt
with
her
Jenner
coin,
leaving
fans
feeling
bamboozled.
Boxing
world
champion
Floyd
Mayweather
also
entered
the
ring.
After
hyping
the
token

Coinbase Banner  

“FLOYD”
on
social
media,
Mayweather
abruptly
deleted
his
promotional
posts,
sparking
fears
of
another
potential
rug
pull.

The
only
one
seemingly
immune
to
the
takedown
is
Iggy
Azalea,
whose
MOTHER
coin
is
still
being
aggressively
promoted
to
her
millions
of
followers.
But
with
the
stench
of
celebrity
shilling
hanging
heavy
in
the
air,
investors
are
right
to
be
wary.

Total
crypto
market
cap
currently
at
$2.5
trillion.
Chart:

TradingView

Related
Reading:

New
York
Atty.
General
Goes
After
Crypto
Crooks
In
$1
Billion
Scam
Bust


Buterin
Slams
Shady
Memecoin
Projects

This
whole
fiasco
has
drawn
the
ire
of
Ethereum
co-founder
Vitalik
Buterin,
who’s
about
as
impressed
with
these
memecoins
as
a
referee
is
with
a
chair
shot.
He

lambasted
these
projects
for
their
lack
of
innovation
and
blatant
attempts
to
exploit
fans
for
a
quick
buck.

So,
what’s
the
takeaway
from
this
crypto
cage
match?
If
a
celebrity
is
shilling
a
meme
coin
with
promises
of
riches
beyond
your
wildest
dreams,
approach
it
with
the
same
skepticism
you’d
have
towards
a
wrestler
promising
world
peace.


Featured
image
from
EL
PAÍS,
chart
from
TradingView

Go to Source
Author: Christian Encila


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