WhiteWhale, a Solana-based meme coin, saw its market cap plunge 60% following a $1.3 million token sell-off by its largest holder, sparking accusations of a rug pull. Despite the sudden crash, the token partially recovered to a $33.8 million market cap the next day. This event highlights broader risks in the meme coin sector, where over half of cryptocurrencies have failed recently due to market turbulence.