Solana Price Prediction as Hulk Hogan Denies Meme Coin Pump and Dump – Will SOL Take a Hit?
SOL has dropped by 0.5% today, with the Solana price slipping to $172.10 as the wider cryptocurrency market barely moves in the past 24 hours.
This fall hasn’t prevented Solana from holding onto a 3% gain in a week and a 17% jump in a month, with the token – the fifth-biggest in the market by cap – also boasting a 750% appreciation in a year.
Yet today’s move comes as Hulk Hogan has become dogged in claims that he launched his own Solana-based meme coin (HULK) yesterday and then promptly dumped it on retail traders.
The wrestler and Hollywood actor has denied these allegations, yet they underline how Solana has become rife with low-quality meme tokens that are highly risky for the average investor, something which jeopardises the coin’s price in the long run.
SOL’s chart gives the impression that the coin is in a position to make some more short-term gains over the weekend.
Its relative strength index (purple), for example, has bounced from 30 late last night to just over 50 as of writing, with momentum suggesting that it could continue rising in the next one or two days.
Likewise, SOL’s 30-day average (orange) has resumed rising after dipping, while the coin’s price has jumped above the average.
This signals that Solana has entered another growth spurt, although the coin’s volume, at $2 billion today, suggests that it may not last for too long.
This relatively low volume comes amid a steady supply of new meme token launches, many of which are of very dubious caliber.
As noted above, yesterday saw the launch of a HULK token, which the official Hulk Hogan X account promoted.
This meme coin stuff is getting out of hand. Literally $10 million was a vaporized in $Hulk coin within minutes and nobody knows what’s going on.
We don’t
Read more on cryptonews.com
