Hulk Hogan-Themed Crypto Loses $15M in Market Cap In Minutes: Here's Why
Portfolio Pulse from Aniket Verma
A Solana-based memecoin promoted by Hulk Hogan suffered a $15 million loss in market cap after Hogan allegedly deleted social media posts promoting the cryptocurrency. The value of the $HULK token plummeted from $17 million to $2 million within minutes. Hogan later clarified that the posts were not from him.
June 07, 2024 | 5:40 am
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NEUTRAL IMPACT
Ethereum creator Vitalik Buterin criticized the trend of celebrity-endorsed memecoins, urging the community to focus on more valuable projects. This criticism comes in light of the $HULK token's market cap collapse.
While Ethereum itself is not directly impacted by the $HULK token's collapse, Vitalik Buterin's criticism of the trend may influence investor sentiment towards more stable and valuable projects like Ethereum.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
The Solana-based memecoin $HULK experienced a significant drop in market cap after Hulk Hogan allegedly deleted promotional posts. This event highlights the volatility and risks associated with celebrity-endorsed cryptocurrencies.
The significant drop in the $HULK token's market cap directly impacts the perception of Solana-based projects, especially those involving celebrity endorsements. This could lead to short-term negative sentiment towards Solana.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80