Hackers Bodyslam Thousands of Hulkamaniacs With “Fake” $HULK Memecoin

WWE Hall of Famer Hulk Hogan recently found himself at the center of a social media storm when his Twitter account was hacked, leading to the promotion of a Solana-based memecoin named $HULK—allegedly without his consent. The bizarre incident caused widespread confusion, joy, and eventually, financial turmoil for many, as the token’s value plummeted shortly after Hogan confirmed the hack. Here’s a breakdown of the unfolding drama.

The Hack and The Aftermath

On June 6, Hulk Hogan’s X account tweeted a Solana contract address, leading many degens to employ the fabled “ape now, ask questions later” approach and start buying the token en masse. Hogan’s account continuously promoted the token $HULK, claiming it was “going to the moon” and tweeting at popular influencers such as Ansem and Frank DeGods in attempts to schedule an X Space. Everything seemed legitimate until…

Hogan announced via Instagram that his X account had been compromised. He reassured fans that any tweets posted that day were not from him and would be promptly removed. This announcement came a bit late, however, after lewd messages, including a bizarre exchange with pop star Iggy Azalea, were posted from his account. One viral tweet involved Hogan—or the hacker—responding to Azalea’s provocative post with an equally crude remark, promoting the memecoin $HULK and remarking that she “sucks at pumping and that $HULK has the real milk.”

Following these events, Hogan’s entire Twitter timeline was wiped clean, leaving only his likes and a link to his website.

The Financial Fallout

The hacked tweets had a significant financial impact on those holding the Hulkster’s bag at the time, with the $HULK memecoin experiencing a dramatic rise and fall in market value. The token’s market cap surged to nearly $18.8 million during the height of the tweet frenzy from the six-time WWE champion. However, this boom was short-lived; within minutes of Hogan deleting the promotional posts and correcting the record on Instagram, the market cap crashed to $2 million.

Responses to the hacked tweets varied. Some users found humor in the situation, with Iggy Azalea joining in on the fun by sharing a meme of Hogan’s face superimposed on her backside. However, when all was said and done, most were critical, leaving yet another sour taste in the mouths of those following the recent celebrity memecoin meta.

The Broader Issue of Celeb Memecoins

For the most part, celebrity memecoins have fallen flat and dwindled in interest shortly after their launches. Caitlyn Jenner kicked things off a couple of weeks ago, with many at the time convinced that she had been hacked. While that turned out not to be the case, Jenner botched proceedings by launching a second coin, identical in nature, but on Ethereum, effectively rendering the original Solana token obsolete in some views. At the very least, it was supply dilution, and the price action reflected this, with the coin’s value plummeting soon after and not reaching such highs again since.

On the flip side, Iggy Azalea has proven to be the success story so far in this period, with the rapper showing a willingness to stick around and not only promote her token but immerse herself in the culture of crypto and interact with holders and “shitpost” with them. This approach has endeared her to many, helped along by appearances on crypto-native shows such as Threadguy’s podcast. As such, the $MOTHER token is currently sitting at a market cap of $148 million.

Final Thoughts

The Hulk Hogan hacking incident is a stark reminder of the volatility and unpredictability that characterize the world of memecoins. While some celebrities like Iggy Azalea have managed to navigate this space successfully, the overall landscape remains fraught with risks, uncertainties, and outright falsehoods.

Will more celebrities embrace this trend and learn from past mistakes, or will the market grow weary of these high-profile endorsements? Only time will tell.