Popular Meme Coin WhiteWhale on the Solana chain experienced a sudden dump in the early hours of January 20. According to GMGN's real-time monitoring, the token's market cap plummeted within just 5 minutes — from approximately $50 million down to around $20 million, a drop of up to 60%. Although there was some rebound afterward, as of press time, it has not regained momentum, with a market cap remaining at $37 million, a 24-hour decline of over 36%, and the current price hovering around $0.038.

What is the main culprit behind this sharp decline? On-chain data makes it clear — several early large holders concentrated their sell-offs around 00:27. Addresses such as 6kas…, 5tf1…, and 5AAn… collectively sold over 48.36 million tokens in a short period, with a transaction volume of about $1.6 million. The most exaggerated is the address starting with 5tf1…, which initially bought at an average price of only $0.006. This wave of selling locked in a 420% return on investment, effectively doubling the initial capital. These types of addresses often roll over their positions multiple times to lower their average cost, and once profitable, they sell without hesitation.

It is especially important to note that there are many Meme coins with the same name in the current market. The most liquid contract is a3W4qutoEJA4232T2gwZUfgYJTetr96pU4SJMwppump. In simple terms, Meme coins are primarily emotional games; their core logic is hype and concept speculation, with little to no real application scenarios. Their rise and fall depend entirely on market sentiment. Once a dump occurs, participants can suffer significant losses. Risk warnings must be in place: these types of tokens are extremely volatile, and retail investors should be extremely cautious when entering.