A Solana-based meme coin called WhiteWhale suffered a dramatic collapse on Monday, losing 60% of its market value within five minutes. The crash came after the project’s largest holder sold $1.3 million worth of tokens in a single transaction.
The token, which launched three months ago on the Pump.fun platform, saw its market capitalization plummet from $200 million to approximately $80 million in rapid succession. Community members and observers quickly labeled the incident a potential rug pull.
Largest Holder Triggers Market Panic
On-chain data reveals the sell-off originated from WhiteWhale’s biggest wallet holder. The sudden dump created immediate panic among investors who had no advance warning of the massive liquidation.
Market analyst Darky first brought attention to the crash on social media. According to his observations, the token dropped from a $200 million valuation to just $20 million in minutes. The speed and severity of the decline caught most holders off guard.
Early Trader Walks Away With Substantial Profits
Despite widespread losses, at least one investor profited significantly from the WhiteWhale rally. A trader identified as “Remus” purchased 1.5% of the total token supply for just $370 during the early stages.
This position grew to a peak value of $1.2 million as the token gained popularity. Remus sold approximately $220,000 worth of tokens during Monday’s crash. The timing of this sale contributed to the downward pressure on the token’s price.
Blockchain records show Remus still holds nearly $1 million in WhiteWhale tokens. However, the current value of these holdings has diminished substantially following the crash.
The WhiteWhale community issued a statement attempting to reframe the incident. They described the event as a “planned liquidity event” designed to distribute token ownership and reduce concentration risks more evenly. This explanation has received skepticism from outside observers.
At the time of writing, the token showed signs of recovery. WhiteWhale climbed back to a $31.2 million market capitalization, with individual tokens trading at $0.03120. This represents a partial rebound but still reflects major losses from the pre-crash peak.
Source: https://production.coinpaper.com/13887/solana-meme-coin-white-whale-price-plunges-from-200-m-to-20-m-in-minutes
