White Whale Surges on Bybit Listing Amid MEXC Dispute and Market Volatility

• White Whale’s price surged over 63% weekly following its listing on Bybit, contributing to its 1400% gain in the last 14 days.
• A dispute between White Whale and MEXC over perpetual futures listings and fund freezes has reignited concerns about centralized exchange transparency and internal trading according to reports.
• White Whale’s market performance is influenced by narrative-driven momentum, community engagement, and broader crypto market dynamics, including Bitcoin’s recent surge.

White Whale (WHITEWHALE), a Solana-based meme token, has seen a significant price surge attributed to its listing on Bybit and increased retail participation as documented. The token’s surge has drawn attention to its narrative-driven growth, supported by supply management and on-chain activity. This rise coincided with broader market dynamics, including Bitcoin’s recovery above $94,000 in early 2026.

The White Whale token has transitioned from a joke into a narrative-driven asset, with its cultural resonance and community-driven initiatives contributing to its momentum according to analysis. The token’s circulating supply of 420 million out of a total 1 billion has played a role in its on-chain activity, reinforcing its appeal among retail investors as reported.

The situation between White Whale and MEXC has raised concerns about centralized exchanges’ transparency and fund management. In January 2026, White Whale alleged that MEXC listed its perpetual futures before liquidity support was active, suggesting potential internal trading. This situation echoes broader concerns seen in the crypto space, particularly following events at FTX, where centralized control over user funds led to trust erosion.

What Drives White Whale’s Price Action?

The recent surge in White Whale’s price is linked to several factors. Its listing on Bybit improved liquidity and attracted speculative demand, contributing to a 370% four-day gain. A trader capitalized on this opportunity by investing $343 and realizing $773,000 in gains.

Additionally, broader market conditions, including Bitcoin’s rally, have influenced White Whale’s trajectory. While Bitcoin’s price rise is driven by institutional ETFs and geopolitical factors, small-cap tokens like White Whale remain more susceptible to volatility and sentiment-driven movements.

What Are the Risks and Limitations of White Whale’s Growth?

Despite its recent success, White Whale faces inherent risks common to meme coins. These tokens often lack the technical foundations or utility to sustain long-term growth and are heavily influenced by market sentiment. Regulatory pressures and liquidity challenges further complicate their viability.

White Whale’s price action is also subject to structural vulnerabilities, such as the potential for post-listing corrections. Analysts are monitoring whether the token can maintain its market cap above $90 million or face a decline following the Bybit listing. Additionally, the dispute with MEXC highlights concerns about centralized control and potential manipulation, which could affect investor confidence.

How Does White Whale Fit Into the Broader Crypto Market?

White Whale’s narrative and market performance reflect broader retail investor trends in the crypto market. Its rise is tied to a derivatives trader known as The White Whale and a controversial MEXC account freeze in 2025, which led to increased community interest and token traction.

This token’s success underscores the influence of on-chain narratives and social media-driven sentiment in small-cap crypto assets. However, the market remains speculative, and gains from such tokens are rare. As regulatory scrutiny intensifies and market conditions evolve, the sustainability of meme coins like White Whale will depend on their ability to adapt and demonstrate long-term value beyond hype-driven cycles.