This meme coin White Whale is having a tough time. Its market cap has plummeted over 50% from the peak of $140 million in early February, now circulating around $59 million. The price dropped to $0.062, and trading has become calmer, with a volume of $5.4 million in the last 24 hours.

But here’s the interesting part: while everyone sees the price falling, trader TheWhiteWhale keeps buying. This guy has a position worth $34.5 million in the token, controlling 58% of all circulating supply. He’s already at an unrealized loss of $86,000, but apparently he’s not selling anything.

Data shows that TheWhiteWhale has been accumulating through multiple addresses. Just in the past week, he transferred over $2.1 million worth of tokens to the main custody address. Yesterday alone, it was $219,000. It seems that the more the price drops, the more he buys.

The White Whale token started as a joke by fans who created it using the avatar of the well-known trader The White Whale on social media, but then the trader himself took over the project and began this aggressive buying.

A warning: meme coins are a gamble. The price goes up, the price goes down, and nobody really knows why. It depends on sentiment, speculation, and memes. There’s no real value behind it. If you get into this game, be aware that you could lose everything.