As pro wrestling legend Hulk Hogan passed away on the 24th (local time), new meme coins and Non-Fungible Tokens emerged. Many HULK tokens quickly gained popularity, but the largest related coin was revealed to be a rug pull scam.
Scammers Exploit Hulk Hogan's Popularity
The meme coin sector does not miss the opportunity to launch new tokens. The death of the legendary wrestler Hulk Hogan is no exception.
With the passing of the famous figure, "Hulk Hogan Tribute" tokens immediately appeared. Watchdogs pointed out HULK as a scam, but it reached a market cap of $7 million before crashing.
As suggested by the immediate and complete market collapse, the Hulk Hogan Tribute was a typical rug pull scam. On social media, many users publicly admitted to running bot campaigns to promote HULK.
Interestingly, Hogan's X account was hacked last year and used to promote scam tokens. His team quickly recovered the account and deleted the posts, and the "Hulkamania" HULK token also experienced a similar rug pull.
However, traders revived this token and enjoyed the last activity increase after the wrestler's death.
Multiple times, retail investors have continued to trade meme coins, even after initial projects were proven to be scams.
There is at least some information to be gained from the current situation. While it may be difficult to prevent dangerous bubbles from leading investors into risky behavior, the fact remains that there is still a passionate community.
