MOONPIG, a Solana meme coin, crashes 30% in 24 hours and 60% from its all-time high, signaling high volatility and fading hype.
The sudden decline has prompted suspicions of a rug pull, with James Wynn, a significant whale on Hyperliquid, at the center of the attention.
The Wild Rise and Fall of the MOONPIG Meme Coin
MOONPIG was once a phenomenon in the meme coin market, experiencing a remarkable 1500% price increase in just 21 days. It peaked at $0.135 on May 24, 2025, after reaching a low of $0.003 in early May.
This meme coin has generated substantial profits for numerous wise money investors, as evidenced by their prior trading activities. In particular, Lookonchain reports that on May 24, a “whale” associated with the TRUMP token invested $7,619 in MOONPIG and earned $1.4 million.
Similarly, OnchainLens reports that on May 19, a trader purchased MOONPIG for 11.95 SOL (equivalent to approximately $2,000). In a mere 17 days, the speculator generated a profit of $1.4 million through this investment. The market capitalization of MOONPIG reached $113 million due to these substantial profits, which propelled the company to its zenith.
Nevertheless, the price collapse commenced on May 24, as evidenced by the PumpSwap price chart, which displayed a series of consecutive red candles, indicating a substantial sell-off. MOONPIG’s price plummeted from $0.135 to $0.054 by May 26. The community promptly suspected this was a rug draw.
On X, several users directed their criticism toward James Wynn, a prominent trader on Hyperliquid. Users suspect that he is “dumping” a substantial quantity of MOONPIG.
Wynn acquired 3% of MOONPIG’s total supply, as per crypto trader Chilearmy123. Subsequently, he increased the price and sold it for a 1,500x profit, plummeting the price. Additionally, Wynn, who maintains a BTC position valued at $1.2 billion, was accused of receiving $9 million from Hyperliquid to establish this position.
James Wynn responded by claiming on May 25 that he is not the developer of MOONPIG or the mastermind behind the sale on X. Wynn declared that he was merely an investor and had no intention of manipulating the market.
Nevertheless, Wynn’s denial did little to alleviate the community’s apprehensions. Nonetheless, his perspective was endorsed by a few users on X.
Wynn amassed 17 million MOONPIG meme coins as a reserve by investing more than $600,000, per the blockchain analysis platform Stalkchain. He subsequently secured capital, implemented structure, and enhanced 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.
MOONPIG’s price is currently trading at $0.07978, indicating that it is beginning to recover.
