Hulk Hogan's Death Sparks Coin Meme and Scam Craze

Hulk Hogan, a professional wrestling legend, passed away yesterday, leading to the emergence of many meme coins and Non-Fungible Tokens. Many HULK tokens quickly became a trend, but the largest coin turned out to be a Rug Pull.

Last year, Hogan's X (formerly Twitter) account was reportedly hacked to promote a fake meme coin. Since yesterday, this inactive token has also seen increased activity.

Scammers Exploit Hulk Hogan's Fame

The meme coin industry will not miss any opportunity to launch a new hot token, and the death of wrestling legend Hulk Hogan is certainly no exception.

Yesterday, this famous figure passed away, immediately leading to the emergence of the "Hulk Hogan Tribute" token. Monitoring agencies quickly discovered that HULK was a scam, but it still reached a market capitalization of 7 million USD before collapsing.

As the complete and immediate market collapse shows, Hulk Hogan Tribute was a classic Rug Pull. On social media, many users publicly admitted to running bot campaigns to promote HULK, aiming to push the token's price as high as possible.

Real-life tragedies often become bait for such scams, so this seems quite clear.

However, this scam is not the only Web3 asset bearing the prominent Hulk Hogan brand today. For example, traders have also released NFT collections to honor him, and many other meme coins are currently active in the DEX ecosystem.

However, none stand out like Hulk Hogan Tribute and its social media bot campaigns.

Interestingly, Hogan's X account was hacked last year to promote a scam token. Hogan's team quickly regained control and deleted the posts, and the "Hulkamania" HULK token also underwent a similar Rug Pull.

However, today, traders have revived this token, enjoying one last burst of activity after the wrestler's death.

As the chart shows, this HULK token also collapsed, but its activity was quite different from the Rug Pull scam. Ironically, last year's Rug Pull proved to be significantly more honest than an asset launched less than 24 hours ago.

Certainly, it only achieved a seventh of the market capitalization, but the slower decline and short-term recoveries created some profit-taking opportunities.

In many cases, small investors have continued to trade meme coins even when the initial project was discovered to be a scam. Clearly, Hulk Hogan's death has also driven this activity alongside openly fraudulent Rug Pulls.

There is a potential lesson here about the meme coin market. It may be difficult or impossible to warn investors about exaggerated bubbles, but the community's genuine enthusiasm still exists.