- Celebrities’ deaths triggered major surges in themed cryptocurrency tokens.
- Hulkmania token soared over 122,000%, while Osbourne’s OZZY token saw a 16,800% spike.
The recent deaths of a wrestling legend, Hulk Hogan and a rock icon, Ozzy Osbourne, have caused unprecedented rallies in cryptocurrency markets. Both the entertainers had digital tokens based on them that saw explosive growth as fans and speculators scrambled to memorialize the fallen stars.
Terry Bollea, a professional wrestler who was famous as Hulk Hogan, passed away on Thursday at the age of 71 after suffering a cardiac arrest. Rock singer Ozzy Osbourne, the frontman of Black Sabbath, died Tuesday at the age of 76.
Memecoins Explode Following Icon Deaths
The crypto market reacted instantly to the news of the deaths of the two celebrities by experiencing wild fluctuations in themed tokens. One of the tokens is a Wrapped Ethereum token Hulkmania, which saw astronomical returns of over 122,000% in peak trading moments. The digital asset hit a peak of $0.001335 and then took a normal memecoin volatility trend.
The same explosive growth was witnessed in Osbourne-themed cryptocurrencies, with The Mad Man token gaining more than 16,800%. The OZZY-branded asset reached a high of $0.003851 with a market capitalization of more than $3.85 million within heavy trading.
Earlier HULKAMANIA token, built on Solana, which had been released in June 2024, saw a revival with a 2,000% increase in 24 hours. The token has hit a high of $0.0006146, and its market capitalization exceeded half a million dollars, although it is still not close to the historical highs.
The non-fungible token markets were also affected greatly by the death of Osbourne, with fans buying his official CryptoBatz collection. The trading volumes were also high as the collectors wanted to get digital memorabilia that was linked to the estate of the legendary performer.
According to market analysts, celebrity death-themed memecoins are a recurring trend in the crypto speculation circles. The same happened after the death of O.J. Simpson in April 2024 and Henry Kissinger in November 2023.
The majority of newly minted tokens do not have the official estate support and often are lost in the typical rug pull tactics. When cryptocurrency markets are driven by emotions and the death of celebrities, investors are at high risk when they engage in such markets.
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