Hulk Hogan’s $17M Rug Pull Allegations

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Celeb memecoins have been the discuss of the city for the previous two weeks. A pattern that resurged on the finish of Could rapidly turned one of many largest narratives across the crypto neighborhood.

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The trade has seen controversies, rug pulls, and Vitalik Buterin’s ideas on the movie star token frenzy. Within the phenomenon’s most up-to-date improvement, WWE wrestler Hulk Hogan beefed with Australian rapper Iggy Azalea.

Celeb Memecoins A Week Later

Regardless of the pattern beginning round Could 20 with influencer tokens, movie star tokens didn’t achieve mainstream traction till actuality TV star and Olympian Caitlyn Jenner launched her JENNER memecoin. Alongside Jenner, rapper Wealthy the Child joined the crypto neighborhood with RICH.

Nevertheless, each tokens had been surrounded by controversy after it was revealed that alleged serial scammer Sahil Arora was concerned within the launch. A number of different artists and personalities joined the crypto house to launch their memecoins, together with Lil Pump, Davido, Trippie Pink, and MoneyBagg Yo. A few of these launches seem like linked to Arora’s scams.

Every week later, most movie star memecoins noticed a major worth decline or ended up as a rug pull rip-off. JENNER, which kickstarted the movie star mania, is at the moment 81% down from its all-time excessive (ATH) registered on Could 27.

The Olympian’s token, described as “the goddess of Solana,” went from buying and selling round $0.04273 to $0.009072. This important lower has additionally lower its market capitalization from its $30 million peak to $7.5 million.

Hulk Hogan Wrestles MOTHER And Dumps His Followers

On Thursday, former skilled wrestler Hulk Hogan took X to announce the launch of his Hulkmania (HULK) token. The memecoin skyrocketed 500% inside two hours and rapidly reached a market cap of $17 million.

The launch turned bitter when buyers discovered Hogan had offered his HULK bag and deleted his posts mentioning the token. In minutes, the token’s market cap plummeted to $2 million.

HULK plummets after Hogan deletes posts. Supply: Kermit on X

In the course of the hours that Hogan’s X account promoted the token, the retired wrestler seemingly focused Azalea and MOTHER. In an X publish, Hogan replied to Azalea, saying, “You suck at pumping. $HULK has the actual milk.”

Moreover, he shared two now-deleted Instagram posts beefing with the Australian rapper. In certainly one of them, Hogan Azalea’s profile image and captioned it, “Sahil does it greatest.”

Earlier than deleting all his HULK-related posts, Hogan shared an Instagram story claiming that he had been hacked. In response to the publish, not one of the publications got here from him and shortly can be eliminated. Later, his X account was wiped fully, and Instagram feedback had been restricted.

The crypto neighborhood grew involved because the point out of Arora’s title prompt his involvement within the rip-off. Nevertheless, it stays unclear whether or not Hogan’s web site, Instagram, and X account had been all hacked or if the retired wrestler’s workforce was concerned.

Vitalik Buterin Vs Koala Vitalik?

Earlier this week, Ethereum’s founder, Vitalik Buterin, criticized the continuing movie star token phenomenon.  On X, Buterin acknowledged he’s “fairly sad” with the crypto house’s movie star experimentation.

Buterin defined his concern relating to the launch of tokens with no objective aside from being a get-rich-quick scheme. Moreover, he prompt some options that movie star memecoins ought to have for him “to be extra keen to respect it.” The record included a “public-good aim that it’s serving.”

To his criticism, Azalea responded by claiming that Buterin “was simply hangry.” Furthermore, she seemingly named a Koala after Ethereum’s founder. The rapper uploaded a video saying the donations saved one other Koala. Its title? Koala Vitalik.

Azalea launched a “MOTHER fund” to assist save Koalas contaminated with chlamydia. For the previous week, the rapper has acquired donations in memecoins and several other cryptocurrencies for the Koala trigger.

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Moreover, Azalea is giving her token utility. The rapper launched a Mom merchandise retailer that accepts MOTHER as fee.  Finally, the token continued to soar after reaching new ATHs and not too long ago breaking above the $200 million market cap.

MOTHER is buying and selling at $0.2055 within the weekly chart. Supply: MOTHERUSDT on TradingView

Featured Picture from Unsplash.com, Chart from TradingView.com



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