"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.
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.