The current surge in the crypto market in 2024 has exhibited many characteristics of a typical cryptocurrency bull market, such as the introduction of numerous new coins and tokens, a record-breaking high for Bitcoin (BTC), and stories of rapid fortunes being made.
One of the latest tales of going from rags to riches emerged on June 6 when data from Solscan uncovered that an insider had purchased over 190 million Hulkmania (HULK) tokens – which accounted for 19% of the total circulating supply – for just 7.1 Solana (SOL), valued at $1,200 at the time. Within a short span of three hours, they managed to sell the 190 million HULK tokens for over 5,760 SOL, amounting to nearly $1 million.
This transaction resulted in a return of over 81,000% and an increase of about 812 times, according to calculations shared on X by Lookonchain. However, this sale led to a significant drop in the value of the HULK token by around 85%.
The selling pressure caused the price of HULK to plummet further, and the mystery surrounding the token deepened when Hulk Hogan himself claimed on Instagram that his X account had been compromised, cautioning fans to disregard any cryptocurrency-related posts.
Solana has remained a popular choice for launching new projects in 2024 due to its reliable uptime, scalability, and cost efficiency. The native token of the Solana blockchain, SOL, has also seen heightened enthusiasm, partly driven by its strong market performance. SOL experienced a notable surge towards the end of 2023, escalating from approximately $20 in October to over $100 on New Year’s Day, with the momentum carrying into 2024. As of the time of writing, the price of SOL stands at $171.96.
While several investors have reaped massive rewards, with some making hundreds of thousands or even millions within a short period, it is essential to exercise caution in the crypto market amidst the flurry of positive news and developments. The 2024 bull market has seen its fair share of setbacks and scams, such as the accidental burning of $10 million in investments by a team member of the meme coin Slerf (SLERF) and an alleged rug pull by the CondomSol team.
Disclaimer: The information provided on this platform is not intended as investment advice. Investment in cryptocurrencies is speculative, and there is a risk of losing your capital.
