The HULK Solana memecoin experienced a dramatic decline in value after WWE wrestling legend Hulk Hogan allegedly deleted social media posts promoting the token on Thursday. According to Solana-focused social media account Solana Floor, the token's market capitalization plummeted from $17 million to $2 million within minutes following Hogan's removal of the posts.

"HULK Solana memecoin plummeted from $17 million to $2 million in just a few minutes after he deleted tweets about the coin," Solana Floor reported on its social media account, Step Finance.

Screenshots shared by users on X (formerly Twitter) appear to show comments promoting the HULK memecoin, allegedly posted by Hogan earlier in the day. The Block reached out to the wrestler's official website for comment but did not receive an immediate response.

The market for memecoins has surged in recent months, with the ease of launching new tokens contributing to a boom. Data compiled by The Block Pro indicates that nearly half a million Solana tokens were created in May alone. On Wednesday, Ethereum co-founder Vitalik Buterin expressed his dissatisfaction with the trend of celebrity-endorsed memecoins, stating he was “quite unhappy” with such experiments.

The abrupt drop in the HULK memecoin's value underscores the volatile nature of the memecoin market and the significant impact that celebrity endorsements—or the lack thereof—can have on these digital assets.