Meme coin WhiteWhale market cap cut in half: "TheWhiteWhale" openly accumulates, holding 58% of the supply, with over $2.1 million in tokens purchased this week

BlockBeats News, February 11, according to GMGN monitoring, the market cap of the Solana-based meme coin WhiteWhale has continued to decline recently, dropping about 57% from its February 8 peak of approximately $140 million. The current market cap is reported at $59 million, with the current price around $0.062 and a 24-hour trading volume of $5.4 million.

Despite the price drop, trader "TheWhiteWhale" continues to buy. Currently, their position in the token is valued at about $34.5 million, accounting for 58.13% of the total supply, with an unrealized loss of about $86,000 (-29%), and no tokens have been sold so far.

According to GMGN data, the main holding address (EBxgM) has accumulated most of its tokens through several sub-addresses. In the past 24 hours, tokens worth about $219,000 have been transferred in, and the net inflow over the past week has exceeded $2.1 million.

This meme coin was initially created by fans using the avatar of the well-known trader The White Whale (X:TheWhiteWhaleV2) on X and Hyperliquid. It was later actively taken over by The White Whale, who then built a large position in the token.

BlockBeats reminds users that meme coin trading is highly volatile, often relying on market sentiment and hype, and generally lacks actual value or use cases. Investors should be aware of the risks.