• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
Hulk Hogan

Hulk Hogan Memecoin Slammed In $17 Million Crypto Rug Smackdown

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: ‘Unhappy’: Ethereum Cofounder Blasts Celeb-Fueled Crypto Fads

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.

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.

Hulk Hogan’s social media accounts & website promoted a $HULK crypto token today, jumping on the recent celeb memecoin trend

it pumped big, millions of dollars, & then dumped

all the posts are now deleted. there’s a new post now claiming that the posts were not from him pic.twitter.com/hDuYVLgNQu

— Matt Binder (@MattBinder) June 6, 2024

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 alleged rug pull is the most recent body blow in a series of meme coin meltdowns sponsored by celebrities. It is not a unique event. TV star Caitlyn Jenner performed a similar stunt with her Jenner coin just weeks earlier, confusing viewers. World champion boxer Floyd Mayweather also entered the ring. Following advertising the token “FLOYD” on social media, Guardiola unexpectedly removed his promotional material, igniting concerns of another possible 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.

I’m feeling quite unhappy about with “this cycle’s celebrity experimentation” so far.

“Financialization as a means toward an end”, I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization *as the final product*, 🤮

Ashton and Mila’s…

— vitalik.eth (@VitalikButerin) June 5, 2024

What thus is the lesson from this crypto cage fight? Approach a celebrity hawking a meme coin with promises of wealth beyond your wildest dreams with the same mistrust you would have of a wrestler pledging world peace.

Featured image from EL PAÍS, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Whales Inject an Extra $329K+ Into Bitcoin Hyper Ahead of Uptober – The Next 1000x Crypto?

Whales Inject an Extra $329K+ Into Bitcoin Hyper Ahead of Uptober – The Next 1000x Crypto?

4 hours ago
Bitcoin Prepares for Another Surge as Whales Buy $329K Bitcoin Hyper in a Day.

Bitcoin Prepares for Another Surge as Whales Buy $329K Bitcoin Hyper in a Day

5 hours ago
Crypto

No License, No Problem? Wisconsin Bill Aims To Ease Crypto Rules

6 hours ago

Spot XRP And Dogecoin ETF Approval Odds Hit 100%, Says Bloomberg Expert

7 hours ago
Best Crypto Presales to Watch as Bitcoin Reclaims $114K Ahead of Uptober

Best Crypto Presales to Watch as Bitcoin Reclaims $114K Ahead of Uptober

7 hours ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 29)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 29)

5 hours ago

Premium Sponsors

Press Releases

  • 距離上線僅剩3周:Snorter代幣ICO融資突破 415...

    14 hours ago
  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    5 days ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    7 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    1 week ago
  • Snorter надхвърли $4 милиона след...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.