HULK meme coin lost $15 million in market cap

The HULK meme coin lost roughly $15 million in market capital. This happened after Hulk Hogan, a WWE wrestler, first allegedly promoted the Solana-based meme token and then deleted those posts. The market cap dipped in a matter of minutes, plummeting from $17 million to $2 million. HULK’s future predictions and trend lines are difficult to predict, leaving many wondering about the meme coin’s scope.

It goes on to show how meme coins can be reliable if not deployed appropriately. Every month, numerous meme coins are generated. For instance, May alone saw the creation of half a million Solana tokens.

The market has experienced a slight impact from SOL. In the last 24 hours, the token has dropped by 0.40%. At the time of writing this article, the token’s current value is $171.88. However, it is up by 4.03% in the last 7 days and 10.53% in the last 30 days. It is testing the resistance at $170 with bullish sentiments for the future trend. SOL is expected to increase by 15.40% over the next 30 days. As a result, the milestone of $196.22 was achieved. This could potentially pave the way for the mark of $200 by the end of this year.

As for celebrity meme coin trends, Vitalik Buterin, the co-founder of Ethereum, has expressed his dissatisfaction with them. He said on Wednesday that he was quite unhappy with the experimentation with celebrity meme coins. He took to X to express this dissatisfaction, stating that celebrity meme coins are more about personal profit than the overall project value.

Buterin believes that such tokens fall short of industry standards. While he did not give any specific names, he did mention the likes of Mila Kunis and Ashton Kutcher.

Celebrity meme coins seem to be driven by a single individual rather than the community, which is why sentiments are primarily mutual. The value of the token is influenced by any action taken by the celebrity. Thereby, impacting the entire community.

Celebrity meme coins lack an engaging mechanism like DAO, wherein decision-making is restricted and undertaken in the right direction only after everyone’s consensus. Vitalik believes that establishing a DAO would be the first step in the right direction.

Buterin has further stated that tokens must have a long-term goal. A mere public figure face is not sustainable. Their association with instant pump and dump significantly undermines the sustainability of the crypto market.

At the moment, the overall sentiment in the meme coin segment is bullish. The collective market cap is down by 1.33%, and the 24-hour trading volume has dipped by 14.31%. Dogecoin and Shiba Inu are leading the segment with respective market caps of $23.41 billion and $14.98 billion. It now remains to be seen what kind of trend the meme coin segment will set in the next 24 hours.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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