Meme Coin WhiteWhale Plummet 60% After Rug Pull Accusations, Large Holders Dump $1.3M in Tokens

Community-driven Solana meme coin WhiteWhale experienced a sudden massive sell-off, with its market cap tanking 60% within 5 minutes.

On-chain data shows that WhiteWhale, which was launched 3 months ago on Pump.fun, witnessed the largest holder dump of $1.3 million in tokens on Monday.

The decline happened without a warning, causing heavy losses for holders. The event is widely described as a rug pull among the crypto community.

Early Investors Secured Larger Gains

Market analyst Darky initially flagged the massive crash on social media. He wrote that the “viral memecoin” plummeted from $200 million to $20 million within minutes.

The viral memecoin $WHITEWHALE just rugged.

From 200M to 20M. -45% candle in the last few minutes.
Thanks for playing pic.twitter.com/FfEFVOzAo2

— Darky (@Darky1k) January 19, 2026

However, per blockchain data, at least one investor secured larger gains. A trader named ‘Remus’ bought 1.5% of the total token supply for $370. The position later peaked at a value of $1.2 million during the rally. Remus later sold $220,000 worth of tokens, leading to the major crash.

The trader still holds close to $1 million in WhiteWhale, even though the value of the token has dropped.

WhiteWhale memecoin community called it a planned liquidity event to spread ownership and reduce risks.

By Tuesday, the token has recovered to a $33.8 million market cap at $0.033 per token at press time.

Half of Meme Coins Have Already Failed – Research

A recent CoinGecko analysis shows that more than 50% of cryptocurrencies have failed.

“In 2025 alone, 11.6 million tokens failed, representing a large majority of token failures, or 86.3%,” the report read.

Memecoins took the blow of broader market turbulence throughout the year, leading to a sharp decline in token survivability.

“Alarmingly, the fourth quarter of 2025 alone saw the collapse of 7.7 million tokens, making up 34.9% of all recorded project failures.”

Besides, 2024 saw nearly 1.4 million projects fail, accounting for 10.3% of all failures in the past five years.