White Whale, a Solana-based memecoin launched three months ago on Pump.fun, plunged roughly 60% within minutes on Monday following a sudden sell-off by large holders. Onchain data indicates the largest wallet offloaded about $1.3 million worth of tokens, triggering sharp losses and fueling accusations of a coordinated rug pull.
Blockchain analysts flagged that at least one early participant realized significant gains. One trader reportedly acquired a sizable position for a minimal initial cost before selling a portion during peak trading, contributing to the rapid decline. Despite the crash, some large wallets continue to hold substantial balances, suggesting incomplete liquidation.
The episode comes amid heightened scrutiny of memecoin sustainability as market conditions remain volatile. While White Whale has since partially rebounded, the incident underscores structural risks in thinly traded tokens and reflects broader concerns about liquidity events and investor protections in the memecoin sector.
