Hulk Hogan's promotion of a Solana-based memecoin named HULK on June 6 has led to significant controversy. The token, which initially skyrocketed to an $18 million market cap, plummeted by 95% after Hogan deleted all related posts from his X (formerly Twitter) account. Hogan claims on Facebook and Instagram that his account was hacked and that the posts were not from him. Despite this, the token's value dropped by $15 million, raising concerns of a potential pump-and-dump scheme. An insider reportedly made $978,000 by trading the token using 5 wallets, causing its price to drop by more than 85%. Traders and investors have expressed significant losses, with one individual losing nearly a quarter of a million dollars. Crypto firm Bubblemaps detected the suspicious activity.