Solana meme coin MOONPIG has taken a nosedive, dropping over 30% in 24 hours and more than 60% from its all-time high. The sudden crash has raised alarms across the crypto space, with rumors swirling of a possible rug pull involving prominent trader James Wynn.
From Meme Coin Hype to Sharp Decline
Just days ago, MOONPIG was one of the hottest tokens on Solana. The coin surged 1,500% in 21 days, rising from $0.003 in early May to a peak of $0.135 by May 24, 2025.
Several early investors made millions during this meteoric rise. On-chain data from Lookonchain shows that one TRUMP token whale turned $7,619 into $1.4 million with MOONPIG. Similarly, another trader who spent just $2,000 on May 19 walked away with the same seven-figure gain in under three weeks.
At its peak, MOONPIG reached a market cap of $113 million, making it a standout among meme coins.
Sell-Off Sparks Rug Pull Accusations
The crash began shortly after the peak. On May 24, PumpSwap charts revealed a major sell-off, with red candles dominating the chart. The coin plummeted to $0.054 by May 26, wiping out much of its gains.
Users on X (formerly Twitter) began pointing fingers. Some accused James Wynn — a major trader on Hyperliquid — of orchestrating the pump and dump. According to crypto influencer Chilearmy123, Wynn purchased 3% of MOONPIG’s supply, hyped the coin, then cashed out with a 1,500x profit.
James Wynn Responds to Accusations
Wynn responded on May 25, denying any wrongdoing. He clarified on X that he was not the developer of MOONPIG, nor was he behind the sell-off. He claimed to be only an investor with no intent to manipulate the market.
Despite his statement, skepticism remains. Critics allege Wynn was paid $9 million by Hyperliquid to open a BTC position worth $1.2 billion, fueling speculation about his broader trading activities.
Community Defends Wynn — Partially
Not everyone is convinced Wynn acted maliciously. Blockchain analytics platform Stalkchain revealed that Wynn spent over $600,000 to buy 17 million MOONPIG tokens. He reportedly locked liquidity, added structure, and promoted the coin openly.
“Would someone spend $600K+, build infrastructure, and go public with his identity… just to rug for a few percent?” Stalkchain questioned.
Price Recovery in Sight?
Despite the drama, MOONPIG is showing signs of life. At the time of writing, it’s trading at $0.07978, bouncing back from its sharp dip. Whether the coin can regain its momentum remains to be seen, but the crypto world is watching closely.
