WHITEWHALE crypto surged over 72% in the past 24 hours, erasing some of the losses seen over the past week since the post-launch rally. The memecoin had crashed by over 86% since reaching its peak cap last week.
Trader activity, particularly from bad actors, has influenced the memecoin’s anomalous performance.
Team uncovers spoofing orders from some exchanges
First, this memecoin’s crash was manufactured. The WHITEWHALE team uncovered a series of spoofing sell orders on some exchanges, like MEXC.
Through a statement on X (formerly Twitter), The WhiteWhale Team reported,
“A little over a week ago we detected active market manipulation on our token that was being carrier out as a multi-venue strategy with an overwhelming short-bias active.”
The activity led to panic selling from multiple traders, including top token holders. This is because it brought about doubt with the massive sell orders that were placed but not activated, creating the illusion of an impending crash.
To counter this spoofing, the team, together with the top 20 holders, deployed a strategy to combat the action. This resulted in hurting the profitability of the bad actors. Also, the team streamlined the CEXs with which they were partners.
But now that the question has been answered, holder confidence has begun to rise.
Assessing traders’ confidence
Looking at the data from StalkChain, WhiteWhale was the second most bought token over the past 72 hours. This accumulation followed that of Useless Coin [USELESS], another performing memecoin on the day.
The return of buyers suggested that confidence was gradually improving.
Source: StalkChain
This confidence was evident as WhiteWhale also emerged among the memecoins with the highest momentum in the Pump.fun [PUMP] ecosystem. This followed a 68% rally that made it reclaim the $50 million market cap.
Will WHITEWHALE reclaim its peak cap?
On the charts, WHITEWHALE broke out of a descending wedge pattern on the hourly chart. As the price climbed past $0.05, the market cap surpassed the $51 million mark.
The Stochastic RSI was oversold, indicating sell pressure was yet to be eliminated. Interestingly, the MACD was turning bullish in correspondence to the surge since the previous day’s close.
Sustaining this momentum from the uncovering of spoofing activity, WHITEWHALE could reclaim its peak cap of over $200 million. This would mean its price reaching $0.20 or higher.
Source: TradingView
Conversely, this trend may not be sustainable unless more buying is initiated. The triangle’s apex displayed an inverted heads-and-shoulders pattern, suggesting a potential bottom.
Final Thoughts
- The team alleged spoofing sell orders, easing panic and triggering renewed buying interest across exchanges.
- Sustained accumulation and follow-through buying may decide whether WHITEWHALE revisits its prior peak.
