Solana (SOL) meme coin The White Whale (WHITEWHALE), which launched on Pump.fun in late 2025 without a roadmap, utility, or known founder, has survived a 60% crash, accusations of a rug pull, and scrutiny over its concentrated ownership structure.
In late January WhiteWhale saw its market capitalization surge past $95 million after Bybit listed it for spot trading, while on-chain data revealed one early investor turned a $343 bet into roughly $773,000 in profit.
What Happened: Token Survives Major Sell-off
The token trades at $0.089 with a market cap of $89.6 million, according to a BeInCrypto analysis. Over the past two weeks, it posted a 180% gain despite broader market weakness.
WHITEWHALE emerged in October 2025, inspired by X persona @TheWhiteWhaleV2, a perpetuals trader known for an $80 million liquidation. The anonymous creator eventually bought tokens and coordinated a community takeover by December, redirecting Pump.fun fees to holders.
On Jan. 20, 2026, a top holder sold roughly $1.3 million worth of tokens. The price collapsed 60% and the market cap dropped from approximately $200 million to between $20 million and $40 million.
On-chain analysts using Bubblemaps traced the sell-off to a single major wallet. The team characterized it as a liquidity event rather than an exit scam.
The token rebounded within days, climbing back toward an $80 million to $90 million market cap after the treasury locked 40 million tokens for one year. On-chain data cited by Rootsdata suggests the treasury and associated wallets control more than 50% of supply.
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Why It Matters: Questions Remain Over Whale Concentration
The White Whale told BeInCrypto he maintains ultimate control over the treasury by design, rejecting decentralized governance structures as illusory.
"DAOs and other structures often give this space the illusion of a democracy that rarely ever exists," he said. "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 top 10 holders collectively own 64.5% of total supply, according to Solscan data. That concentration presents a double-edged situation.
Supporters view it as protection against predatory dumping. Critics warn it leaves the token vulnerable to another sudden collapse.
"The prime directive, then, if you will, of the WhiteWhale movement is to prove that something can be successful while maintaining integrity," The White Whale said. "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."
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