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Hulk Hogan’s $17M Rug Pull Allegations

Hulk Hogan's $17M Rug Pull Allegations

Celebrity memecoins have been the talk of the town for the past two weeks. A trend that resurged at the end of May quickly became one of the biggest narratives around the crypto community.

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The industry has seen controversies, rug pulls, and Vitalik Buterin’s thoughts on the celebrity token frenzy. In the phenomenon’s most recent development, WWE wrestler Hulk Hogan beefed with Australian rapper Iggy Azalea.

Celebrity Memecoins A Week Later

Despite the trend starting around May 20 with influencer tokens, celebrity tokens didn’t gain mainstream traction until reality TV star and Olympian Caitlyn Jenner launched her JENNER memecoin. Alongside Jenner, rapper Rich the Kid joined the crypto community with RICH.

However, both tokens were surrounded by controversy after it was revealed that alleged serial scammer Sahil Arora was involved in the launch. Several other artists and personalities joined the crypto space to launch their memecoins, including Lil Pump, Davido, Trippie Red, and MoneyBagg Yo. Some of these launches appear to be linked to Arora’s scams.

A week later, most celebrity memecoins saw a significant price decline or ended up as a rug pull scam. JENNER, which kickstarted the celebrity mania, is currently 81% down from its all-time high (ATH) registered on May 27.

The Olympian’s token, described as “the goddess of Solana,” went from trading around $0.04273 to $0.009072. This significant decrease has also cut its market capitalization from its $30 million peak to $7.5 million.

Hulk Hogan Wrestles MOTHER And Dumps His Fans

On Thursday, former professional wrestler Hulk Hogan took X to announce the launch of his Hulkmania (HULK) token. The memecoin skyrocketed 500% within two hours and quickly reached a market cap of $17 million.

The launch turned sour when investors found Hogan had sold his HULK bag and deleted his posts mentioning the token. In minutes, the token’s market cap plummeted to $2 million.

HULK plummets after Hogan deletes posts. Source: Kermit on X

During the hours that Hogan’s X account promoted the token, the retired wrestler seemingly targeted Azalea and MOTHER. In an X post, Hogan replied to Azalea, saying, “You suck at pumping. $HULK has the real milk.”

Additionally, he shared two now-deleted Instagram posts beefing with the Australian rapper. In one of them, Hogan Azalea’s profile picture and captioned it, “Sahil does it best.”

Before deleting all his HULK-related…

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