The market value of Meme coin WhiteWhale plummeted by 60% in the early morning due to multiple large holders concentrating on selling over 48 million tokens

According to market news, the meme coin WhiteWhale on the Solana chain was suddenly sold off around 0:00 today, with its market capitalization plummeting from about $50 million to nearly $20 million in just 5 minutes, a drop of about 60%. As of the time of writing, its market capitalization has rebounded to $37 million, with a current price of about $0.038, and a 24-hour decline of 36%.

Monitoring data shows that this drop was triggered by concentrated sell-offs from multiple addresses on the holding leaderboard. Addresses (6kas…), (5tf1…), and (5AAn…) collectively sold over 48.36 million tokens starting at 0:27, with a total value of about $1.6 million, leading to significant pressure on the coin price in a short period. Currently, there are many meme coins with the same name in the market, and the token contract with the highest liquidity is: "WhiteWhale": a3W4qutoEJA4232T2gwZUfgYJTetr96pU4SJMwpp. ChainCatcher reminds users that meme coin trading is highly volatile, largely relying on market sentiment and speculative hype, and has no actual value or use case; investors should be aware of the risks.