Solana’s White Whale: Rug Pull, Trap, or the Perfect Meme Coin?

Owing to the volatility often seen in the Solana meme coin market, survival itself is rare. Yet The White Whale ($WHITEWHALE), a token born on Pump.fun launchpad in late 2025, has defied the odds.

$WHITEWHALE has endured a violent sell-off, accusations of a rug pull, and relentless scrutiny from traders and analysts alike.

$WHITEWHALE’s Wild Price Swings and the Origins of Its Meme Narrative

As of this writing, $WHITEWHALE is trading at $0.089, with CoinGecko data showing a market capitalization of $89.6 million.

While the broader crypto market is down, the White Whale token posted a 180% gain over the last two weeks. This reflects just how extreme its price swings have been.

$WHITEWHALE Token Price Chart. Source: CoinGecko

The $WHITEWHALE meme coin launched in October 2025, inspired by X (Twitter) persona @TheWhiteWhaleV2, a well-known perpetuals trader remembered for an infamous $80 million liquidation.

The token had no roadmap, no promised utility, and no known founder, just a meme narrative and a fixed supply of nearly 1 billion tokens, as outlined in early community posts on Medium.

Concerned that scams using his likeness could damage his reputation, @TheWhiteWhaleV2 stepped in. By December, he had bought tokens, added liquidity, and helped coordinate a community takeover (CTO).

I’ll make this brief because people don’t read and then spout off at the mouth.

The White Whale meme was not created by me.

I took it over to control use of image/likeness/reputation.

I make zero money from this.

An X user (sorry can’t give credit, don’t remember who) made…

— The White Whale (@TheWhiteWhaleV2) December 7, 2025

Pump.fun fees were redirected back to holders, and treasury activity was made public, an unusual move in Solana’s meme-heavy trenches.

But who ultimately controls the $WHITEWHALE treasury today?

“I do. That is entirely the point. The token that bears my name, I take ultimate responsibility for. DAOs and other structures often give this space the illusion of a democracy that rarely ever exists. You’re trusting Jeff to be a good steward of HyperLiquid. You’re trusting The White Whale to be a good steward of his namesake,” The White Whale told BeInCrypto.

Early participants were rewarded handsomely, with reports highlighting cases where traders turned a few hundred dollars into over $1 million.

THIS GUY TURNED $370 INTO $1.2 MILLION

Remus (@remusofmars) bought 1.5% of the $WHITEWHALE supply for only $370, and he is now up $1.2 MILLION.

He held on to most of his $WHITEWHALE until a $150M Market Cap. He has now cashed out a total of $220K, and is still holding $987K of… https://t.co/zYCqIVIahF pic.twitter.com/csuozFhK9R

— Arkham (@arkham) January 12, 2026

However, the same trader, Remus on X, lost almost all those gains a week later after cashing out only $220,000.

“This trader is down $1 million on $WHITEWHALE Last week. Remus was up $1.5 million on $WHITEWHALE. Unfortunately, he had cashed out only $220K by the time the price crashed -80%. He is now up only $464,000. Will Remus make it back? Or is it time to move on to the next coin? Arkham reported.

How Retail Revenge Sent $WHITEWHALE Vertical

Momentum exploded in early January 2026. From a December low of $0.0082, the $WHITEWHALE price surged nearly 930% to briefly test $0.20, per CoinGecko.

Its market cap crossed $200 million, making it one of the most successful Pump.fun launches in months, according to Messari.

$WHITEWHALE Metrics”> $WHITEWHALE Metrics. Source: Messari

Listings on exchanges including Bybit, MEXC, KuCoin, and LBank fueled volume spikes of up to $48 million in 24 hours.

On X, traders framed $WHITEWHALE as “retail revenge,” a cultural pushback against bots, snipers, and insider-driven meme launches.

Respectfully why the only “meme” I’ve bought ever is $Whitewhale @WhiteWhaleMeme. This the exact culture we should be promoting, no kols, rug pulls every 5 seconds, giving to communty. There can be cool thing about crypto currently. There is a token providing counter culture.…

— Imran (@ImmieV) January 30, 2026

Then came the collapse.

Rug or Liquidity Event? Inside $WHITEWHALE’s January 20 Crash

On January 20, 2026, a top holder sold roughly $1.3 million worth of tokens, triggering a rapid 60% price drop.

Market cap estimates fell from around $200 million to $20–40 million, sparking a social media eruption with claims of a rug pull.

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

While headlines labeled the event a rug pull, on-chain analysts using Bubblemaps traced the sell-off to a single major wallet, separate from Remus.

3/ This is a different whale from the one we covered last week and has no known connection to @TheWhiteWhaleV2 https://t.co/EFrtXT7Jsx

— Bubblemaps (@bubblemaps) January 19, 2026

The team pushed back, calling it a “liquidity event” rather than an exit scam, but confidence was already shaken.

“…our largest private holder exited the majority of their position…we didn’t participate in the selling, although we did do some buybacks… What has changed is distribution. A single oversized private position is no longer sitting above the market. Supply is now spread across a broader set of holders. This wasn’t a treasury-driven event. This wasn’t a deviation from our stated principles. It was a liquidity event,” wrote The White Whale.

BeInCrypto asked The White Whale why this level of concentration had persisted despite the project’s anti-whale narrative. He replied that the project follows the core ethos of crypto: permissionless finance. He emphasized that traders should be allowed to do what they want.

“It should be noted that I did not launch this token. If I had, I would not have used any launchpad, as I do not believe any existing launchpad had the proper token supply/liquidity structure to protect investors from things like this. Naturally, we attempt to talk to as many of our remaining larger holders as possible, offer OTC deals to lessen market impact, etc, but people are allowed to do whatever they want.”

Most importantly, The White Whale refuted claims that a single wallet’s sell-off caused the overall crash. According to him, it triggered a panic-selling cascade.

Recovery Fueled by Locks, Shadowed by Control

Against expectations, the $WHITEWHALE price rebounded. Within days, it posted daily gains of 70%+ and climbed back toward an $80–90 million market cap.

The treasury locked 40 million tokens for a year, reducing the circulating supply and signaling long-term intent, a move confirmed publicly by community figures on X.

“This cuts circulating supply hard, removes treasury selling pressure, and screams commitment to longevity – no short-term dumps here. Credible projects do this to build real trust; it’s the kind of discipline that sparks positive sentiment fast,” one user observed.

On-chain data cited by Rootsdata suggests that the treasury and associated wallets control a significant share of the supply, reaching over 50%.

$WHITEWHALE holders collectively own 64.5% (612.6M Tokens) of the total supply.”> The top 10 $WHITEWHALE holders collectively own 64.5% (612.6M Tokens) of the total supply. Source: Solscan

That concentration cuts both ways as supporters see it as protection against predatory dumping, while critics warn it leaves the token vulnerable to another sudden collapse.

Everyone was talking about $WHITEWHALE before, screaming “rug” and calling it a scandal… and now?

Today it’s calmly pushing again for a new ATH, yet you don’t hear any of Crypto Twitter calling it out.

First they praise you, then they kill you, then they forget you. Sadly,…

— ZYPHER (@ZypherHQ) January 29, 2026

There is no denying the risks. The $WHITEWHALE token has no utility beyond narrative, and price swings of 60% or more remain common. Most traders still expect downside, considering most Solana meme coins eventually fail. But The White Whale himself remains optimistic that the project can inspire good standards for all future tokens.

“I think the entire point of a meme is that it doesn’t try to dress up as something it’s not. Many projects fail because they try to pretend to be more than what they are. Instead, we are leaning into what we are, and we are proud of what we are. The prime directive, then, if you will, of the $WhiteWhale movement is to prove that something can be successful while maintaining integrity. My personal goal is to set the bar so high that meme coin investors begin to demand similar transparency, stewardship, dedication, and integrity from all devs.”

Yet survival matters. In an ecosystem where many tokens vanish overnight, $WHITEWHALE’s ability to recover, paired with transparent treasury actions, sets it apart.

However, it is also deeply risky, driven by whales, narrative, and momentum rather than fundamentals.

Risk Factor Details Impact Level Whale Concentration 54% in one address High – Potential for massive dumps Volatility 60%+ swings weekly Extreme – Retail wipeouts are common Rug History January 20 “liquidity event.” Medium – FUD lingers, but survived No Utility Narrative-only High – Relies on hype cycles Community Strength Transparent locks, redistributions Mitigating – Builds loyalty $WHITEWHALE Meme Coin Risk Analysis

Therefore, the $WHITEWHALE token may not be a scam, a view supported by its trading on major exchanges. It also posts real volume and maintains an active, dedicated community, as noted in exchange support documentation.

As a closing remark, BeInCrypto asked The White Whale what might happen to the token if he decides to step away.

“Ironically, if I were to get hit by a bus, it would probably be really bullish for price action. The project bears my name, though, and it’s impossible to even think about stepping away.“

The post Solana’s White Whale: Rug Pull, Trap, or the Perfect Meme Coin? appeared first on BeInCrypto.

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