In A Nutshell:
Hulk Hogan's promotion and deletion of posts about a Solana memecoin led to a $15 million market cap loss for the token. His disavowal on Instagram and deletion of related posts highlight the volatile nature of the memecoin market amid a surge in new token creations.After WWE wrestling legend Hulk Hogan allegedly deleted internet posts promoting a Solana memecoin on Thursday, the token reportedly lost $15 million in market cap, according to Step Finance's Solana Floor social media account. "HULK Solana memecoin plummeted from $17 million to $2 million in just a few minutes after he deleted tweets about the coin," the Solana-focused account posted. Some users on X shared screenshots appearing to show comments promoting the HULK memecoin from Hogan's account earlier in the day. The Block reached out for comment to the wrestler's official website but did not immediately receive a response. Late Thursday, a post on Hogan's Instagram account stated: "Please do not take notice of any posts today. They are not from me and will be promptly removed." Additionally, Hogan's X account appears to have been wiped of all past posts since late Thursday. The memecoin market has surged recently, with nearly half a million Solana tokens created in May alone, according to data from The Block Pro. On Wednesday, Ethereum co-founder Vitalik Buterin expressed his dissatisfaction with celebrity involvement in memecoin experimentation, stating he was “quite unhappy” about it.
