The Solana-based memecoin WHITEWHALE (ticker: WHITEWHALE) experienced a catastrophic price collapse, plummeting between 45% and 60% in a matter of minutes on January 19, 2026. The crash erased its market capitalization from a peak of approximately $200 million down to roughly $20 million, inflicting heavy losses on traders and sparking widespread accusations of a rug pull within the crypto community.
The sudden decline was first highlighted by market analyst Darky on social media, who posted about the "viral memecoin" falling from a $200 million to a $20 million valuation almost instantly. On-chain data, shared by analytics platform Arkham, revealed that at least one early investor, a trader known as "Remus," had secured significant profits prior to the crash. Remus had initially purchased 1.5% of the total token supply for just $370 in early December 2025, a position that later peaked at a value of $1.2 million. Records show Remus sold $220,000 worth of tokens before the major downturn and still holds an estimated $1 million in WHITEWHALE, though its value has drastically diminished.
The event was characterized by a single, nearly 45% red candle on price charts and a corresponding dump of $1.3 million in tokens by large holders. Blockchain analysts observed patterns of large token transfers and liquidity pool changes typical of rug pulls. In the aftermath, trading volume sharply declined, and the development team remained silent, offering no official statements or updates, which further fueled panic and uncertainty.
WHITEWHALE had previously gained notoriety due to its origins in a public dispute involving the MEXC exchange and a trader known as "The White Whale." The project had implemented features like locked liquidity to build community trust and had become a notable Solana memecoin by late 2025. By the time of reporting, the token had partially recovered to a market cap of around $33.8 million ($0.033 per token), but confidence in the project remained severely damaged.
The incident has renewed concerns about the extreme risks associated with memecoins and low-liquidity tokens. This is underscored by a recent CoinGecko analysis cited in the reports, which found that more than 50% of cryptocurrencies have failed, with 2025 alone seeing 11.6 million token failures.
