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Hulk Hogan warns followers about crypto token, implies he was hacked

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Hulk Hogan warns followers about crypto token, implies he was hacked-

Just because you see a celebrity posting about a new crypto token, it doesn't mean it's going to make you money — or that it's even really them.

That seems to be the takeaway from $HULK, a new crypto memecoin that was launched on Thursday night and promoted by Hulk Hogan's official X (formerly Twitter) account. The coin pumped in value before quickly dumping after rumours of a hack began to circulate.

SEE ALSO: How to report crypto transactions on your taxes

Within a few hours, all the posts promoting $HULK were deleted, as Mashable's Matt Binder shared on X.

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Meanwhile, Hogan took to Instagram to warn followers that the posts weren't from him.

"Please do not take notice of any posts posted today," reads the message. "They are not from me and will be promptly removed."

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Celebrity memecoins have been on the rise recently. The likes of Caitlyn Jenner and Trippie Redd have both recently launched their own tokens, while Iggy Azalea's $MOTHER token has continued to rise in value as the rapper consistently posts about it on her social media channels.

It's worth noting that, like much of the cryptocurrency space, these tokens are incredibly volatile. Many have quickly risen in value when they're first posted about only to lose value at an even faster rate when the celebrity in question either stops posting, or a new token pops up and attention moves elsewhere.