The cryptocurrency HULK, marketed as a tribute to wrestling legend Hulk Hogan, suffered a $7 million rug pull as developers abruptly withdrew liquidity from the project. Investors were left with worthless tokens while anonymous creators absconded with funds, underscoring persistent security issues in meme token markets.
This incident mirrors a prior scam involving the wrestler’s legacy. Last year, hackers compromised Hogan’s social media account to promote the ‘Hulkamania’ token which similarly collapsed after a rug pull. Trading volume for that defunct token briefly resurged amid renewed attention following Hogan’s death.
The volatility reveals deeper vulnerabilities in meme coin ecosystems, where prices frequently hinge on social media hype and community nostalgia rather than fundamentals. These conditions create fertile ground for pump-and-dump schemes and fraudulent exits.
Market dynamics appear inconsistent as well. While the HULK token imploded within hours, the earlier Hulkamania coin faded more gradually despite common scam characteristics. This variance demonstrates how token longevity remains unpredictable even within comparable celebrity-themed assets.
The repeated exploitation of Hogan’s identity underscores critical investor risks including outright fraud and manipulation. Industry analysts strongly caution against speculative meme coin investments without thorough due diligence.