White Whale, a Solana-based memecoin, fell as much as 60% on Monday after its largest private holder sold roughly $1.3 million worth of WHITEWHALE tokens. On-chain data pointed to a sharp drain on available liquidity, which was followed by broader market selling and renewed rug-pull accusations on X.
Large sell order hit a thin market
The token’s price dropped quickly as the sale ran into limited market depth. The move wiped out a sizable portion of White Whale’s market value before the token recovered part of the loss. By European morning hours, liquidity in the token pair stood only a little above $900,000, leaving the market vulnerable to large orders.
The selloff showed how exposed smaller memecoins remain to concentrated ownership. These tokens often trade in shallow pools, so a single large exit can trigger outsized price swings in a very short period.
Early buyer wallet and deployer-linked activity drew scrutiny
According to the report, wallet 6kasXu, described as an early $WhiteWhale buyer, had received tokens from deployer address CZFDnH. That deployer address bought 45 million tokens after the CTO. In the past hour chart referenced by the report, the two wallets together sold about $1.3 million worth of tokens.
That activity added to concerns over holder concentration and the influence of early wallets on price action, especially in a market with limited liquidity.
Project says it was not treasury selling
White Whale’s deployers responded on X, describing the episode as a “liquidity event” rather than a treasury-led sale. The project account said it did not take part in the selling, while confirming that it carried out some buybacks during the decline.
The statement also argued that the exit changed the token’s distribution, saying one oversized position no longer hangs over the market and that supply is now spread across a broader holder base.
Token recovered part of the drop by Tuesday
By early Tuesday, WHITEWHALE had regained some ground and traded around $0.040, with a market capitalization near $40 million. Its 24-hour trading volume reached about $12 million, showing that speculative activity remained elevated after the sharp move.
White Whale launched around three months ago on Pump.fun and is themed around the online persona @TheWhiteWhaleV2, a crypto trader with a large following on X.