The HULK cryptocurrency has experienced a dramatic 85% crash, attributed to insider selling. According to cryptocurrency analytics firm Lookonchain, the token’s price collapse followed a significant dump by an insider who made nearly a million dollars within hours.
Insider Trading Rocks HULK Token
An insider’s swift and lucrative move has sent shockwaves through the HULK token community. The trader initially spent $1,200 worth of Solana (SOL) to purchase 190 million HULK tokens. Within just three hours, they sold all their holdings, causing the token’s value to plummet. This strategic dump allowed the insider to secure an 812x return on their investment, pocketing close to a million dollars.
Hulk Hogan Distances Himself from HULK Token
Amid the chaos, former professional wrestler Hulk Hogan has come forward to clarify his involvement. Hogan had been linked to promoting the HULK meme coin through now-deleted posts on the social media platform X. However, Hogan took to Instagram to deny any promotion of the cryptocurrency, stating, “They are not even from me and will be promptly removed.”
Hogan’s clarification followed the circulation of a video purportedly promoting the HULK token. The video, which was an old clip from December 2023, did not mention HULK or any cryptocurrency, raising suspicions about the authenticity of the promotion. Speculation suggests Hogan’s social media accounts may have been hacked or misused to falsely endorse the token.
Fallout and Market Impact
Following the insider’s actions, the HULK token, which had previously reached a market cap of nearly $19 million on June 6, is now deemed nearly worthless. The dramatic price drop has left investors and the broader cryptocurrency community reeling from the apparent manipulation.
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