The meme coin frenzy is back in full swing. On January 9, the Solana-based token BlackWhale experienced explosive growth, with tracking data showing a 462% surge in 24 hours. It briefly hit $0.008 and now trades at around $0.0066, with a total market cap reaching $6.6 million, ranking third by trading volume among meme coins.
Linked Narrative Drives Market Sentiment
The coin has been informally associated with a well-known Solana project by certain community members, positioning it as a sentiment-driven, beta-play asset. This rally may have been catalyzed by its rumored inclusion on KuCoin Alpha, highlighting the market’s appetite for narrative-driven speculation.
Core Wallet Accumulates, 9x Return Locked In
On-chain analytics show that the project lead (X: Blaaackguy) has been actively buying and is now the top holder. The leading wallet (CXnxR) controls 4.66% of the supply, having acquired 46 million tokens at an average price of $0.0003. It now holds unrealized gains of $187,000, reflecting a 913% return.
Warning: Extreme Caution Advised in Meme Coin Trading
While BlackWhale’s surge has drawn attention, it’s crucial to note that such assets lack real-world utility or technological innovation. Their prices are highly volatile and primarily driven by hype and community sentiment. Investors are strongly advised to assess risks carefully and avoid impulsive speculation.