Data: Meme coin WhiteWhale's market capitalization plummeted by 60% in the early hours of the morning, due to a concentrated sell-off of over 48 milli...
TL;DR
Meme coin WhiteWhale's market cap dropped 60% in minutes due to a concentrated sell-off of over 48 million tokens worth $1.6 million, later rebounding to $37 million. The decline highlights high volatility and risks in meme coin trading, which lacks real value.
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According to ChainCatcher, market sources indicate that the Solana-chain Meme coin WhiteWhale experienced a sudden sell-off around midnight today, with its market capitalization plummeting from approximately $50 million to nearly $20 million within 5 minutes, a drop of about 60%. As of press time, its market capitalization has rebounded to $37 million, with a current price of approximately $0.038, representing a 24-hour decline of 36%.
Monitoring data shows that this decline was triggered by a concentrated sell-off from multiple addresses on the holdings list. Addresses (6kas…), (5tf1…), and (5AAn…) collectively sold over 48.36 million tokens in a short period starting at 0:27, with a total value of approximately $1.6 million, causing significant downward pressure on the price in a short time. Currently, there are many Meme tokens with the same name in the market. The most liquid token contract at present is: “WhiteWhale”: a3W4qutoEJA4232T2gwZUfgYJTetr96pU4SJMwpp.
ChainCatcher reminds users that Meme coin trading is highly volatile, relying heavily on market sentiment and hype, and has no real value or use cases. Investors should be aware of the risks.