The price of the HULK cryptocurrency has dropped by nearly 85% due to insider selling, according to a recent post by cryptocurrency analytics firm Lookonchain. An insider managed to secure a gain of 812x, making nearly a million dollars in hours. They spent just $1,200 worth of Solana (SOL) tokens in order to buy 190 million HULK tokens. Within just three hours after the trade, the trader dumped all of their newly acquired tokens, making the HULK price collapse.This comes after former professional wrestler Hulk Hogan was busy promoting the celebrity meme coin in now-deleted posts on the X social media network. Hogan even took a shot at rapper Iggy Azalea and her viral Mother Iggy (IGGY) token made headlines due to massive gains.
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In his Instagram post, Hogan denied promoting the cryptocurrency, urging his followers not to take notice of any posts from him. “They are not even from me and will be promptly removed,” the former professional wrestler said. Even before Hogan’s clarification, it was obvious that there was something off with the latest celebrity meme coin. A video posted by Hogan that was meant to promote the token had no mention of HULK. In fact, it is an old video from December 2023 that is not even related to crypto.
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It is not clear what happened to Hogan’s social media profile, but it is possible that he got hacked or scammed. The HULK token is now basically worthless after reaching a market cap of nearly $19 million on June 6.