25.07.2025 18:45

Following the announcement of wrestling legend Hulk Hogan's death, a surge of new meme coins rapidly appeared on the cryptocurrency market, with one token in particular quickly revealed as a fraudulent scheme. The passing of Terry Bollea, Hogan's real name, triggered a flurry of activity within the meme coin sector.

Almost instantly, a "Hulk Hogan Tribute" token, primarily Hulk/SOL, emerged on decentralized exchanges, attracting investors eager to commemorate the deceased icon. Despite early warnings from the crypto community regarding its dubious nature and evident bot-manipulated trading charts, significant investment poured into the token. This led to a short-lived but dramatic price surge, achieving a market capitalization of $7 million before a catastrophic collapse.

The rapid implosion of the token was swift and devastating, leaving a market cap of a mere $5.7k and only $7.1k remaining in its liquidity pool as of this writing. A staggering 99.7% drop in value within 24 hours epitomizes the devastating nature of this rug pull. Cryptocurrency watchdogs and community members swiftly identified Hulk/SOL as a scam, yet automated bot activity propelled its price to considerable heights before its collapse.

While numerous NFT collections and other meme coins leveraging Hogan's name and image appeared in the wake of the news, none experienced the same meteoric rise and fall as the fraudulent tribute token. These alternative ventures failed to attract comparable trading volumes or substantial attention from the market. This incident isn't the first time Hogan's name has been connected to dubious cryptocurrency projects; last year, his official X account was compromised to promote a "Hulkamania" token, resulting in another rug pull following the regaining of account control by his team. Interestingly, some traders attempted to resurrect this previous "HULK" token upon hearing of Hogan's passing, highlighting the ongoing vulnerabilities within the meme coin market.