Blockchain security company PeckShield has focused on the Solana-based meme coin 'Holly The Squirrel' (HNUT). This token dropped by more than 99% immediately after its launch.
Another incident that appears to be a bundled rug pull has occurred in the Solana meme coin ecosystem.
HNUT 99% plummet... Rug pull concerns
In a post shared on X (Twitter), PeckShield stated that Solana's HNUT plummeted by 99%. This means that the market capitalization of the token has virtually disappeared due to the sharp drop in price.
The price of HNUT has dropped from a peak of $0.007 to nearly zero. The remaining liquidity is about $29,000, and the market capitalization has been recorded at less than $1,400.
This token was launched through Solana-based Pump.fun to this contract address. This launchpad has been supporting rapid cycles of meme coin issuance with minimal safeguards since late 2025 and is increasingly facing criticism.
On-chain analysis of HNUT shows that a large number of bundle transactions occurred shortly after its launch.
According to reports, about 78% of the initial transactions were bundle transactions. This phenomenon is commonly associated with insiders concentrating supply through multiple wallets and then selling off sharply.
Initial on-chain warning... increasing costs of ignoring warnings
According to on-chain investigator Specter, abnormal signals have been detected on-chain, and this launch structure was a predictable outcome for experienced traders.
Warnings about HNUT have been raised since before the crash. Crypto Scam Hunter designated the bundle transactions and supply concentration phenomenon as fraud signals a day ago.
This post urged traders not to engage based on transaction logs where transfers were executed from multiple wallets to a single address. This often appears as a precursor to liquidity withdrawals.
Secondary risks are also emerging after the crash. Several community trackers reported phishing air drop scam cases on X. These scams target victimized investors, disguising themselves as recovery tools or claim links. Such tactics are becoming more frequent following large-scale rug pull incidents.
Total investor losses cannot be accurately calculated based solely on public data. With a short-term drop of 99%, most latecomer buyers have lost their value. Only some early investors may have made profits before the crash.
The HNUT incident demonstrates the ongoing risks in the Solana meme coin market. Unlimited liquidity management, unburned LP tokens, and unauthorized contracts allow developers or insiders to quickly liquidate positions.
As meme coin trading accelerates in 2026, investors must check contract approvals, liquidity locks, and wallet distributions. Such confirmations are even more essential on rapid launchpad platforms that prioritize speed.