The memecoin market has been rocked by another scandal. Just one day after the announcement of wrestling legend Hulk Hogan’s death (real name Terry Bollea), a wave of suspicious crypto tokens flooded the market. The largest of them — “Hulk Hogan Tribute” — reached a market cap of over $7 million before collapsing within hours.
The token, called HULK/SOL, surged rapidly on decentralized exchanges, despite early warnings from the crypto community about red flags and suspicious chart patterns. Investors kept pouring in, driven by emotion and a desire to honor the late icon.
But the token eventually crashed within a single candle. Its market cap plummeted to just $5,700, with $7,100 in remaining liquidity — a drop of over 99.7% in 24 hours.
🧠 Tribute or Calculated Grift?
While some traders hoped to pay homage, blockchain monitors and analysts quickly flagged the HULK project as a scam. Yet at one point, its price spiked dramatically due to automated trading bots, which created the illusion of growing demand.
There were also NFT collections honoring Hulk Hogan, featuring the wrestler in iconic poses. However, none of these digital assets gained meaningful trading volume — they were quickly overshadowed by the main token’s spectacular collapse.
🧨 History Repeats Itself: Hulk Hogan’s Name Linked to Crypto Fraud Again
This isn’t the first time Hulk Hogan’s brand has been tied to shady crypto projects. Back in 2023, his official X (formerly Twitter) account was hacked and used to promote the “Hulkamania” token — which ended in a classic rug pull.
Yesterday, in response to news of Hogan’s death, some traders revived the original HULK token from that incident, triggering another short-lived price rally. But it never reached the same heights as the new tribute token — and it met a similar fate.
🧢 MMA Star Ben Askren Promotes Another Scam — Possibly Unknowingly
In a parallel case, former UFC fighter Ben Askren was caught up in another memecoin scam, possibly without his knowledge. Askren recently survived a life-threatening case of pneumonia and underwent a double lung transplant. Just one day after being discharged from the hospital, his X account posted a promotion for “FUNKY,” a new Solana-based memecoin named after his MMA nickname.
The token was allegedly launched by serial rug-puller Sahil Arora, known for orchestrating similar schemes. After the promotion, the token was drained almost instantly — the operator dumped the entire supply and walked away with only $1,200, before the price crashed to zero.
The crypto community suspects that Askren’s account may have been hacked or accessed without his consent. His team has not confirmed whether the post was legitimate or the result of a security breach.
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