White Whale Memecoin Tanks 60% Following $1.3M Whale Exit

Solana-based memecoin White Whale suffered a sharp sell-off on Monday, plunging as much as 60% after its largest private holder dumped a significant portion of their holdings. Notably, on-chain data shows the investor sold roughly $1.3 million worth of WHITEWHALE tokens, triggering a rapid price collapse and renewed accusations of a “rug pull” across X.

The heavy selling drained liquidity and sparked panic among smaller traders, sending prices sharply lower within hours. Moreover, although the token later recovered some losses, the sudden exit wiped out a substantial portion of White Whale’s market value and exposed the fragility of thinly traded memecoins.

Whale Exit Triggers Liquidity Shock

Blockchain data identified wallet address 6kasXu, an early White Whale buyer, as a key seller during the crash. The wallet received tokens from deployer-linked address CZFDnH. This wallet previously accumulated 45 million WHITEWHALE tokens shortly after the project’s chief technical officer made initial purchases.

Together, the wallets sold approximately $1.3 million worth of tokens within a short timeframe, overwhelming available liquidity. Furthermore, at the height of the sell-off, the token’s liquidity pool fell to just above $900,000 during European trading hours. With limited market depth, the sudden surge of sell orders caused sharp slippage, accelerating the price decline.

The episode highlights the structural risks of small-cap memecoins, which often lack the liquidity needed to absorb large trades. In such markets, the actions of a single large holder can quickly destabilize prices, leaving retail traders exposed to steep losses.

Team Denies Rug Pull, Cites “Liquidity Event”

White Whale’s deployers responded to the backlash with a statement on X, rejecting claims of a rug pull. The team described the sell-off as a “liquidity event” driven by a private holder, not by the project’s treasury.

The statement framed the whale’s exit as a redistribution of supply. They further argued that removing an oversized position reduces long-term overhang risk and spreads ownership across a wider holder base.

By early Tuesday, WHITEWHALE had regained part of its losses, trading near $0.040 with a market capitalization close to $40 million. About $12 million in 24-hour trading volume pointed to sustained speculative interest despite the volatility.

Notably, White Whale launched roughly three months ago on Pump.fun and draws its theme from the online persona @TheWhiteWhaleV2, a popular crypto trader on X.

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