In short, are we just seeing Wild West 2.0, but on Solana blockchain this time? Assets such as HOTMOM, DOOD, and IKUN soared in the third week of May 2025. Their increase has been astronomical to say the least. But behind the flashy headlines and impressive daily transaction volumes, a darker question looms: Are whales manipulating these markets, turning the promise of decentralized finance into yet another playground for the rich and powerful?

Pump and Dump, Crypto Style?

Let's be blunt. We’ve seen this movie before. A new crypto token is coming out, and everyone is abuzz with excitement. It’s being endorsed by influencers including Threadguy, Crypto Ninja and Gake, especially HOTMOM! Typically these early investors are the whales with the most capital at their disposal, so they buy up huge swathes of the token. The price pumps, the retail investors FOMO in, and then… BOOM! The whales are the first ones to cash out, pocketing their profits while leaving the rest of the market to take the losses.

Could HOTMOM, with its blistering $8.7 million daily trading volume and 37% price jump, be doomed to such a fate? The truth that it’s endorsed by some of the weightiest crypto influencers makes the whole thing worse. Are they really enthusiastic about the project? Or are they simply pumping it up for their own advantage, knowing full well that the momentum will evaporate in short order?

The enormous whale dumping recently surrounding DOOD, the native token of the official Doodles NFT collection, is concerning. This intensity alone would be enough to raise major red flags. Whale/Bueno had a reported increase of holdings between May 9th and May 12th, going from 69,202 tokens to 250 million tokens. That level of accumulation doesn’t happen by chance. It indicates a concerted attempt to manage the supply of the token and, in the end, its price. It’s a little like witnessing a digitally-savvy version of the Hunt brothers’ silver market cornering in real-time! Remember that fiasco?

From Wall Street to Solana Street

Here's the unexpected connection: This isn't just a crypto problem. It's a human problem. Shady market manipulation tactics are not a new phenomenon. Its scope stretches from the tulip craze of the 1600s to the Enron disaster of the early 2000s. The only thing that changes is the technology itself.

Traditional stock markets are highly regulated. Agencies such as the SEC actively investigate illegal insider trading, bringing high-profile cases to cut down on illegal market manipulation. They’re not great, but they’re something that’s more than nothing in terms of oversight. In the wild west that is the decentralized crypto world, though, these protections don’t exist. That leaves a regulatory vacuum where whales can do business with impunity.

Consider the case of IKUN. Smart money holdings down modestly. Whales like Unipcs have been actively buying and are currently holding an impressive 12.45 million IKUN tokens. What do they know that we don't? Are they privy to inside information? Or are they engaging in wishful thinking or just betting that they can bend the market to their will?

IKUN takes the lead with the most transaction count and trading volume, outpacing HOTMOM and DOOD by a large margin. This difference might indicate wash trading or other strategies to manipulate trading volume.

The Call for Crypto Sanity

The emergence of meme coins like HOTMOM, DOOD, and IKUN are certainly trends we should be keeping an eye on. We desperately need more regulatory guardrails in the crypto market. We can’t turn a blind eye and allow these whales to continue wreaking havoc, terrorizing the retail investor innocent bystanders.

Today, the Solana network is currently abuzz with excitement around massive prospective token launches. We should keep a close eye on the potential of market manipulation. The future of decentralized finance depends on our ability to create an equitable marketplace. We need to do right by the little fish, by making everything transparent, not just the whales. The other, darker path leads to a digital casino in which the house always wins. In the end, the mom and pop investor trudges away with lightened pockets and a wounded feeling of being royally screwed over. Nobody wants that.

  • Increased Transparency: We need better tools to track whale activity and identify potential instances of market manipulation. Blockchain explorers should provide more detailed information about token ownership and transaction history.
  • Regulatory Clarity: Regulators need to provide clear and consistent guidance on how securities laws apply to crypto assets. This will help to deter illegal activity and protect investors.
  • Investor Education: Retail investors need to be educated about the risks of investing in meme coins and other speculative assets. They need to understand that they could lose their entire investment.

The Solana network may be a hotbed for new token launches, but that doesn't mean we should turn a blind eye to potential market manipulation. The future of decentralized finance depends on our ability to create a fair and transparent market for everyone, not just the whales. The alternative? A digital casino where the house always wins, and the average investor is left with nothing but empty pockets and a lingering sense of outrage. And nobody wants that.