Hulk Hogan Meme Coin Crash Triggers $7M Rug Pull Scam

Key Points

• Hulk Hogan Meme Coin Crash Triggers $7M Rug Pull Scam
• Hulk Hogan’s passing spiked interest in HULK meme coins and NFTs
• Hogan’s hacked X account last year had already promoted a similar token
• Traders continue chasing hype despite clear scam warnings

Wrestling icon Hulk Hogan’s sudden death has triggered a chaotic wave of meme coin launches, NFT drops, and speculative trading.

Within just a few hours of the news breaking, a “Hulk Hogan Tribute” token (HULK) was launched and quickly amassed a staggering $7 million market cap—only to vanish in what turned out to be a rug pull scam.

The hype was artificial from the start. Social media bots and fake influencers promoted the token, drawing unsuspecting retail traders into what looked like a rising star.

$HULK 🚨

Scamming people with a memecoin based on a deceased person is beyond disgusting. Don’t buy this and don’t get rugged!! ⚠️⚠️#ScamWarning #CryptoNews #CryptoCommunity #CryptoCulture pic.twitter.com/FwIiPXEkZa

— CryptoBaby (@BabyAlerts7) July 24, 2025

But watchdogs were quick to flag HULK as a high-risk token with no utility, transparency, or team credibility. Still, the coin’s momentum skyrocketed before crashing down to zero in a textbook rug pull.

This kind of behavior isn’t new in Web3. The meme coin sector often capitalizes on trending events, and Hogan’s death presented yet another opportunity for bad actors to cash in fast. It’s a pattern seen in other crypto dump scams where coins gain massive hype only to vanish overnight.

The speed at which the token gained popularity—only to disappear—highlighted the risks of blindly following hype, much like what happened in the shocking XRP sell-off involving Ripple’s co-founder after a price peak.

HULK (Hulk Hogan Tribute) Market Cap. Source: Dexscreener – Techtoken

Revived Hulkamania Token Sees Temporary Surge

Interestingly, the chaos didn’t stop with new tokens. Last year, Hulk Hogan’s X (formerly Twitter) account was compromised and used to promote a fraudulent meme coin under the name “Hulkamania.”

Bought a shill for $HULK

want it to hit 217 mentions@gmdotarmy promised me it would pic.twitter.com/qk2kWjav2t

— Arianna Colson (@AriannaColadr) July 25, 2025

That token also collapsed shortly after its launch. But in a strange twist, this same token was revived by traders following Hogan’s death.

While the revived Hulkamania coin didn’t reach the explosive highs of the newer tribute token, it behaved very differently.

It showed signs of organic interest, including slower price movements and “dead cat bounces” that offered brief profit opportunities for traders looking to ride short-term waves.

I started shilling $HULK!!

Just bought an @gmdotarmy shill as a test lool

Should’ve filled my damn bags first pic.twitter.com/L7m80tDkp5

— Ian Rogers (@IanRogers178710) July 25, 2025

Though originally a scam, Hulkamania’s resurrection was more a product of nostalgic speculation than malicious pump-and-dump tactics. It still dropped in value, but not with the instant crash seen in the newer HULK coin.

These price patterns reveal a strange truth in the meme coin economy: even scam tokens can have multiple lives. As long as there’s interest—or even emotional momentum—traders will chase them.

🚨WHATCHA GONNA DO, BROTHER?!🚨
When the Hulkamaniacs drop the hottest PFP NFT collection?
💪 bulging biceps
🕶️ Legendary mustaches
🏆 mint 2 free, brotherrr#HulkHogan $hulk #hulkamaniahttps://t.co/dvDTpFCKGB pic.twitter.com/GJNWVaoq5D

— doomscroller. (@DoomscrollerGMI) July 24, 2025

We’ve seen similar patterns with tokens tied to big names or events, echoing the sentiment-driven rally around certain Ethereum NFT projects that spike based on sudden news.

Scams, Speculation, and the Psychology of Meme Coins

The reaction to Hulk Hogan’s death has revealed deeper truths about the nature of meme coin markets. Events that trigger strong public emotion—be it excitement or grief—are often weaponized to drive speculative investments.

Scammers exploit these emotional windows to launch projects that promise quick gains and disappear with investor funds.

Even as HULK crashed to zero, thousands of traders kept engaging with related tokens. NFT collections using Hogan’s likeness popped up on OpenSea and other marketplaces. Some were genuine tributes from fans. Others were hastily made cash grabs.

HULK (Hulkamania) Market Cap. Source: Dexscreener – Techtoken

This isn’t unique to meme coins. Even major players like ARK Invest selling Coinbase stock send ripple effects through the market—fueled not by facts, but emotions.

Similarly, Tornado Cash’s connection to Binance funds illustrates how even well-known protocols can become entangled in drama that fuels speculative panic.

This pattern is a reminder that the meme coin market isn’t just about tokens—it’s about timing, sentiment, and psychology. Traders often know they’re entering risky territory but still roll the dice, hoping to exit before the rug is pulled.

This environment makes it difficult to differentiate between genuine community projects and outright scams. And it underscores how rapidly crypto culture can shift from tribute to tragedy—and back to trading—within hours.