A Solana-based meme coin named WhiteWhale experienced a severe market value collapse on Monday, shedding 60% of its worth in a mere five minutes. This drastic decline occurred after the project's largest token holder executed a sale of $1.3 million in tokens through a single transaction.
The token, which was launched approximately three months ago on the Pump.fun platform, saw its market capitalization rapidly decrease from $200 million to around $80 million. Observers and community members quickly speculated that the incident might be a rug pull.
Largest Holder Triggers Market Panic
On-chain data indicates that the sell-off was initiated by WhiteWhale's primary wallet holder. This sudden, substantial sale immediately created panic among investors who had no prior notification of such a large liquidation.
Market analyst Darky was among the first to highlight the crash on social media. According to his analysis, the token's valuation dropped from $200 million to just $20 million within minutes. The rapid and severe nature of this decline caught many token holders by surprise.
Early Trader Realizes Substantial Profits
Despite the widespread losses incurred by many investors, at least one participant profited significantly from the WhiteWhale rally. A trader identified as "Remus" had acquired 1.5% of the total token supply for a mere $370 during the project's early stages.
This investment reached a peak valuation of $1.2 million as the token gained traction. During Monday's crash, Remus sold approximately $220,000 worth of tokens, a sale that contributed to the downward price pressure.
Blockchain records confirm that Remus still holds nearly $1 million in WhiteWhale tokens, although the current value of these holdings has been significantly impacted by the crash.
Community Responds to Market Event
The WhiteWhale community issued a statement attempting to reframe the market event. They characterized the sell-off as a "planned liquidity event" intended to redistribute token ownership and reduce concentration risks more broadly. This explanation has been met with skepticism by external observers.
As of the time of this report, the token has shown some signs of recovery. WhiteWhale's market capitalization has risen to $31.2 million, with individual tokens trading at $0.03120. This partial rebound indicates a recovery but still reflects substantial losses from its pre-crash peak.