Did a Whale Trigger the Crash?

Solana meme coin MOONPIG has experienced a sharp price drop of over 30% in the past 24 hours and 60% compared to its previous all-time high (ATH).

This sudden decline has sparked suspicions of a rug pull, with attention focusing on James Wynn, a major whale on Hyperliquid.

Inside the Wild Rise and Fall of MOONPIG Meme Coin

MOONPIG was once a phenomenon in the meme coin market, boasting an impressive 1500% price surge over 21 days. It reached a low of $0.003 in early May before peaking at $0.135 on May 24, 2025.

Previous trading activities indicate that several smart money investors reaped significant profits through this meme coin. Specifically, according to Lookonchain, on May 24, a “whale” associated with the TRUMP token invested $7,619 in MOONPIG and gained $1.4 million.

Similarly, according to OnchainLens, on May 19, a trader spent 11.95 SOL (approximately $2,000) to buy MOONPIG. With this investment, the trader earned a profit of $1.4 million in just 17 days. These massive profits pushed MOONPIG to its peak, with a market capitalization reaching $113 million.

However, the price collapse began on May 24, as the PumpSwap price chart showed a massive sell-off with a series of consecutive red candles. MOONPIG’s price dropped from $0.135 to $0.054 by May 26. The community quickly suspected this was a rug pull.

Some users on X pointed fingers at James Wynn, a prominent trader on Hyperliquid. Users suspect him of “dumping” a large amount of MOONPIG.

According to crypto trader Chilearmy123, Wynn bought 3% of MOONPIG’s total supply. Then he pumped the price and sold it off for a 1,500x profit, causing the price to collapse. Wynn, who holds a BTC position worth $1.2 billion, was also accused of being paid $9 million by Hyperliquid to open this position.

In response, James Wynn took to X on May 25, asserting that he is neither the developer of MOONPIG nor behind the sell-off. Wynn stated that he was merely an investor and had no intention of manipulating the market.

However, Wynn’s denial did little to ease the community’s concerns. Nevertheless, some users on X supported his stance.

According to blockchain analysis platform Stalkchain, Wynn spent over $600,000 to accumulate 17 million MOONPIG meme coins as a reserve. He then locked capital, added structure, and raised MOONPIG’s visibility.

“Would someone spend more than $600K+, build infra, and go public with his identity…just to rug for a few % in #moonpig?” Stalkchain questioned.

At the time of writing, MOONPIG’s price has shown signs of recovery, trading at $0.07978.