Another sudden drop has been added to the series of sharp declines in the cryptocurrency market. In this case, “WhiteWhale (WHITEWHALE),” a memecoin based on Solana (SOL), experienced a large and sudden decline.
This decline was driven by whales selling $1.3 million worth of shares, and after the sale, the market value dropped from approximately $50 million to almost $20 million in about 5 minutes. This represents a price drop of about 60%.
The memecoin WhiteWhale lost 60% of its value after one of its largest investors sold $1.3 million worth. Although it subsequently recovered, the altcoin’s loss in the last 24 hours is now 37%.
Following this sudden and sharp drop in WhiteWhale, X users began speculating that the token might be a scam.
White Whale officials released an official statement on account X regarding the incident, characterizing the sell-off as a “liquidity event” rather than a treasury-related operation.
The statement noted that the project did not participate in the recent sell-off, but did conduct some buybacks during the downturn.
Following the drop in WHITEWHALE, BlockBeats warned users, stating, “Memecoin trading is extremely volatile, often dependent on market sentiment and hype, has no real value or utility, and investors should exercise caution.”
*This is not investment advice.
