The security company PeckShield has warned about HNUT, a Solana-based meme coin named “Holly The Squirrel,” after the token plummeted 99% shortly after its launch.
This shows yet another suspicious rug pull in Solana's fast-paced meme coin market.
HNUT raises concerns about a rug pull after a 99% drop
PeckShield stated in a post on X (Twitter) that HNUT on Solana has fallen by 99%. Consequently, almost the entire value of the token has disappeared.
The price of HNUT went from a peak near $0.007 to almost zero. Approximately $29,000 in liquidity remains, with a market cap of less than $1,400.
The token was launched via Solana-based Pump.fun under this contract address. This platform has received more criticism towards the end of 2025 for making it easy to release meme coins quickly without protection.
Chain analysis of HNUT showed a lot of activity with bundled transactions right after the launch.
According to reports, about 78% of early trading consisted of bundled transactions. This often relates to someone controlling the supply through multiple wallets that coordinate purchases and then sell off quickly.
Early warnings on the chain indicate that it is becoming increasingly expensive to ignore warning signs.
On-chain investigator Specter believes that signs of this were visible on the chain, and the type of launch made the outcome clear to experienced traders.
Warnings about HNUT actually came before the crash. Crypto Scam Hunter issued a warning a day prior and pointed out the bundled transactions and concentration of assets as clear warning signs.
The warning advised traders to avoid the token, as the transaction logs showed coordinated transfers from multiple wallets to one address, which often leads to liquidity disappearing.
After the crash, new risks have also emerged. Several community accounts report phishing scams on X, where scammers try to deceive victims with fake recovery tools or links. This has become increasingly common after major rug pulls.
It is impossible to say exactly how large the losses for traders became based on public info. The rapid decrease of 99% caused almost all value for most buyers to disappear. Some early buyers may have managed to secure profit before the crash.
The HNUT case shows clear risks with Solana's meme coin market. Lack of control over liquidity, unrenounced contracts, and unburned LP tokens allow developers or insiders to exit the market quickly.
As meme coin activity increases ahead of 2026, investors must check contract relinquishment, locked liquidity, and wallet distribution before trading. This is especially important on platforms where it is quick to launch, but where protection is weak.