According to GMGN tracking data, the Solana-based meme coin WhiteWhale has continued its downward trend as of February 11, dropping about 57% from its all-time high of $140 million on February 8. The current market cap stands at approximately $59 million, with the token price trading around $0.062 and a 24-hour trading volume of $5.4 million.
Whale Accumulates Amid Price Drop
Despite the significant price decline, the well-known trader 'TheWhiteWhale' has continued to accumulate the token. Their current holdings are valued at about $34.5 million, representing 58.13% of the total supply. The position is currently underwater by around $86,000 (-29%), and there has been no sign of selling.
Whale Uses Multiple Addresses to Buy
Data from GMGN indicates that the primary holding address (EBxgM) has acquired most of its tokens from several sub-addresses. In the past 24 hours alone, approximately $219,000 worth of tokens were transferred into the wallet, with net inflows exceeding $2.1 million over the past week.
Origin Story and Market Sentiment
This meme coin was initially created by fans using the avatar of the well-known trader The White Whale from X and Hyperliquid. The trader later took over the project and began accumulating significant holdings.
Investor Risk Advisory
Given that meme coins are largely driven by hype and market sentiment with little to no fundamental value or utility, investors are advised to carefully assess the risks and approach the market with caution.