Legendary wrestler Hulk Hogan is alleged to have promoted a Solana memecoin online and then deleted the posts.
The move appeared to cause the token to lose $15 million in market cap in a matter of minutes.

After WWE wrestling legend Hulk Hogan allegedly deleted internet posts promoting a Solana memecoin on Thursday, the token reportedly lost $15 million in market cap, according to Step Finance's social media account Solana Floor.

"HULK Solana memecoin plummeted from $17 million to $2 million in just a few minutes after he deleted tweets about the coin," the Solana-focused account posted.

Some users on X shared screenshots that appear to be comments promoting the HULK memecoin allegedly posted by Hogan's account earlier in the day. The Block sent a request for comment to the wrestler's official website but did not immediately receive a reply.

Late Thursday, a post on Hogan's Instagram account stated: "Please do not take notice of any posts today. They are not from me and will be promptly removed." Also since late Thursday, Hogan's X account appears to have been wiped of all past posts.

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With memecoins becoming increasingly easy to launch, the market for memecoins has exploded in recent months, with nearly half a million Solana tokens created in May alone, according to data compiled by The Block Pro. On Wednesday, Ethereum co-founder Vitalik Buterin said he was “quite unhappy” with celebrity memecoins experimentation.

Updated with Instagram post made on Hogan's account and details about X account.

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About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.