As an analyst with extensive experience in the cryptocurrency market, I find the recent price drop of the HULK token deeply concerning. The near-85% decline in value, caused by insider selling, is a stark reminder of the risks and potential manipulation within this industry.
According to a recent post from cryptocurrency analysis firm Lookonchain, the value of HULK cryptocurrency has plummeted by approximately 85% allegedly as a result of insider selling.
An insider managed to secure a gain of 812x, making nearly a million dollars in hours.
I invested a mere $1,200 in Solana (SOL) tokens, which translated to approximately 190 million HULK tokens in the market. Within a short span of three hours following this trade, I made the decision to sell off every last HULK token I had acquired, causing a significant price drop for these tokens.
Following the controversy surrounding former wrestling legend Hulk Hogan, he had been actively marketing a celebrity meme coin on the X social media platform, as seen in now-removed posts. Hulk Hogan also targeted rapper Iggy Azalea and her virally successful Mother Iggy (IGGY) token with a jab due to its substantial price increase.
In an Instagram message, Hogan clarified that he hadn’t endorsed any cryptocurrencies. He advised his fans to disregard any supposed posts related to this subject as they weren’t authentic and would soon be taken down.
Before Hogan’s explanation, it was already clear that something wasn’t right about the most recent celebrity meme coin. The promotional video for the token, which was shared by Hogan, didn’t include any reference to HULK. Intriguingly, this video was an old clip from December 2023 and had no connection to cryptocurrencies.
Hogan’s social media account appears to have undergone some unexplained changes, leaving us to consider the possibilities of hacking or scamming as potential explanations.
After hitting a market value of approximately $19 million on June 6, the HULK token has significantly lost its worth.
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2024-06-07 09:16