Blockchain security company PeckShield has warned about HNUT, a Solana-based meme coin themed "Holly The Squirrel," after the token crashed by 99% shortly after its launch.
This is again a clear case of a bundled rug pull in the rapidly growing Solana meme coin ecosystem.
HNUT raises rug pull fears after 99% crash
In a message on X (Twitter), PeckShield reported that HNUT on Solana has dropped by 99%, indicating a sudden price drop where nearly the entire market value of the token has disappeared.
The HNUT price dropped from an all-time high of around $0.007 to practically zero, with about $29,000 in liquidity remaining and a market capitalization of less than $1,400.
The token was launched via Solana-based Pump.fun at this contract address. This launchpad is increasingly under pressure in 2025 as it allows for rapid meme coin launches without proper security.
On-chain analysis around HNUT showed that there were many bundled transactions occurring immediately after the launch.
According to reports, around 78% of the early trading activity involved bundled transactions. This is often linked to internal control over the supply, with multiple wallets gathering tokens together to sell quickly.
Early on-chain warnings show the growing costs of ignoring red flags.
According to on-chain researcher Specter, there were clear signals visible on the chain, making the launch predictable for experienced traders.
In fact, warnings about HNUT appeared before the collapse. Crypto Scam Hunter issued a scam alert a day earlier due to behavior on the chain and the concentration of tokens raising significant alarm bells.
The message advised traders to stay away, and transaction data was shown indicating transfers from multiple wallets to a single address, which is often a precursor to liquidity being drained.
The aftermath of the crash also posed additional risks. Various community trackers reported phishing-like airdrop scams on X, attempting to scam affected traders through fake recovery tools or nefarious links. Such scams are more common after major rug pulls.
How many traders exactly lost is not precisely ascertainable with public data. The rapid 99% decline has wiped out nearly all value for late buyers. Early participants may have still made some profit before the crash.
The HNUT incident shows that there are significant risks in the Solana meme coin market. Unlimited control over liquidity, unrenounced contracts, and unburned LP tokens allow developers or insiders to exit quickly.
As meme coin activity continues to accelerate in 2026, investors must check contract renouncement, liquidity locking, and wallet distribution before entering. This is especially important on platforms built for speed rather than security.