The Solana-based meme coin, WhiteWhale, has lost around half of its value after its creator stepped down due to family issues and requests to artificially inflate the price. This has left approximately $13 million worth of tokens inaccessible, signaling a worsening downturn for the coin.

Summary

The value of Solana-based meme coin WhiteWhale has plummeted around 50% after its creator, known as “The White Whale,” announced he was leaving the project. He cited intense personal and community pressure as the reason, explaining he could no longer keep up with demands to artificially inflate the token’s price. As of March 27, the coin’s market value has fallen to about $12 million, with $5.4 million traded in the last 24 hours, according to KuCoin and ChainCatcher. Before leaving, the founder locked 500 million WHITEWHALE tokens (worth roughly $13 million at the time) in an account where they can’t be spent, citing a family crisis and exhaustion.

Before things took a turn, WhiteWhale was *the* meme coin to watch on Solana. I remember it briefly hit a $110 million market cap in early January, trading around $0.11 a coin. It was insane – a 2,700% jump in just 30 days! According to data KuCoin shared from BlockBeats, over 12,000 wallets were holding it, and it was seeing almost $5 million in trades every day. It felt like a real movement for a short while.

BlockBeats also noted that the token’s value recently jumped above $90 million, recovering from around $0.04, and saw $3.84 million in trades over the last 24 hours. This surge in interest positioned WhiteWhale as a prominent meme coin on Solana, where tokens often gain significant value – sometimes tens of millions of dollars – based primarily on social media hype.

Founder locks $13m in tokens on exit

The person running the @TheWhiteWhaleV2 account left a message explaining their departure wasn’t a fraudulent ‘rug pull.’ They said they needed to step away because the community was too focused on quick profits and constantly blamed them for any price drops. Previously, after a similar price dip in January, they’d described it as simply a redistribution of tokens among owners and denied selling off their own holdings, even mentioning some token repurchases. This time, though, they stated they couldn’t continue dealing with the constant scrutiny and accusations.

Solana meme hangover deepens

The failure of WhiteWhale happens at a difficult time for meme coins on the Solana blockchain. Last year, an investigation revealed that 12 meme coin projects, funded with a total of $26.7 million from pre-sale investors, had been abandoned, rendering their tokens almost worthless. Recently, Phemex observed that a wider downturn in Solana meme coins earlier in 2024 caused trading volume on platforms like Pump.fun and Meteora to plummet, as investor interest waned and the price of SOL fell from around $116 to $85, wiping out billions in value.

A recent crypto.news report highlighted that meme coins like WhiteWhale, while sometimes experiencing huge price jumps (like 2,000% gains), are inherently unstable. This is because a small group of early investors holds most of the coins, and there’s no real-world value backing them. WhiteWhale recently lost 50% of its value, not due to a technical problem, but because a single trader decided to withdraw $13 million worth of tokens. This event clearly shows that many meme coins rely heavily on the actions of individuals, rather than solid technology or genuine use cases.

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2026-03-27 17:48