Meme Coin WhiteWhale Market Cap Halved: "TheWhiteWhale" Openly Admits to Whale Manipulation, Holding 58% of the Supply, with Weekly Buys Exceeding $2.1 Million

BlockBeats News, February 11th, according to GMGN monitoring, on the Solana blockchain, the Meme coin WhiteWhale has recently seen a continuous decline in market value. Compared to its high point of around $140 million on February 8th, it has fallen by about 57% and currently has a market value of $59 million, with a current price of around $0.062, and a 24-hour trading volume of $5.4 million.

Despite the price drop, the trader "TheWhiteWhale" continues to buy. Currently, their holdings of the token are worth around $34.5 million, with a holding ratio of 58.13%. They are currently at an unrealized loss of about $86,000 (-29%) and have not yet made any sales.

GMGN data shows that their main holding address (EBxgM) holds tokens mostly bought in by several sub-addresses. In the past 24 hours, the accumulated value of tokens transferred in is about $219,000, with a net inflow value of over $2.1 million in the past week.

This Meme coin was originally created by fans borrowing the avatar of the well-known trader The White Whale on X and Hyperliquid. It was later taken over by The White Whale and significantly accumulated through purchases.

BlockBeats reminds users that Meme coin trading is highly volatile, mostly relying on market sentiment and speculative hype, without actual value or use case. Investors should be aware of the risks.