Wrestling legend Hulk Hogan says that posts made to his account promoting the Solana (SOL)-based memecoin HULK yesterday were not from him.

HULK investors are reeling today after the celebrity memecoin based on Hulk Hogan’s likeness pumped to an over $17 million market cap yesterday before crashing to its current market cap of roughly $8,000, according to CoinGecko.

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According to Mashable crypto reporter Matt Binder, Hogan’s X account promoted the HULK memecoin through several posts yesterday. During that time, the token pumped to a multi-million dollar market cap before crashing down to earth. Hogan later claimed the posts were not from him.

Source: Hulk Hogan via Matt Binder/X

According to Binder, there were also several red flags about the HULK posts on Hogan’s account.

“There were signs that something was off with HULK.

For example, this tweet included a video of Hulk Hogan seemingly endorsing the memecoin to prove it was legit.

But the video is actually from a Dec 2023 video promoting a karaoke night & makes zero actual references to crypto.”

According to the Blockchain Data visualizer Bubblemaps, data shows that “insiders” bought a significant amount of HULK before the posts went live.

“Insiders bought 15 of HULK before it was announced

We have found 5 connected wallets that bought on http://pump.fun before Hulk Hogan shared the contract.

Already $200,000 sold and ~$1.5 million unrealized.”

Source: Bubblemaps/X

Though this story is still developing, Hogan is far from the first celebrity to jump on the memecoin craze.