Giant Whales Dumped This Altcoin! Price Dropped by 60% Suddenly! – Team Issued a Statement!

Source: CryptoNewsNet Original Title: Giant Whales Dumped This Altcoin! Price Dropped by 60% Suddenly! – Team Issued a Statement! Original Link: Another sudden drop has been added to the series of sharp declines in the cryptocurrency market. In this case, “WhiteWhale (WHITEWHALE),” a memecoin based on Solana (SOL), experienced a large and sudden decline.

This decline was driven by whales selling $1.3 million worth of shares, and after the sale, the market value dropped from approximately $50 million to almost $20 million in about 5 minutes. This represents a price drop of about 60%.

The memecoin WhiteWhale lost 60% of its value after one of its largest investors sold $1.3 million worth. Although it subsequently recovered, the altcoin’s loss in the last 24 hours is now 37%.

Following this sudden and sharp drop in WhiteWhale, X users began speculating that the token might be a scam.

White Whale officials released an official statement regarding the incident, characterizing the sell-off as a “liquidity event” rather than a treasury-related operation.

The statement noted that the project did not participate in the recent sell-off, but did conduct some buybacks during the downturn.

Note: Memecoin trading is extremely volatile, often dependent on market sentiment and hype, has no real value or utility, and investors should exercise caution.