HNUT’s late-December collapse was brutal: after a 703% run-up, the token dropped about 99%, effectively erasing its market value. What made this move stand out wasn’t just the speed of the crash, but the on-chain pattern that suggested the exit was engineered rather than accidental.
Before the breakdown, trackers including Crypto Scope, Specter, and Crypto Scam Hunter flagged warning signs tied to early trading behavior. They reported that roughly 78% of initial activity involved bundled transactions and that supply was heavily concentrated among insiders, creating the conditions for a coordinated unwind.
#PeckShieldAlert #rugpull $HNUT on #Solana has plummeted -99%. #meme pic.twitter.com/hamEanpbOX
— PeckShieldAlert (@PeckShieldAlert) December 30, 2025
What “bundled rug pull” means in practice
PeckShield described the setup as consistent with a “bundled rug pull.” In plain terms, a bundled rug pull is a coordinated exit where participants group transactions to drain liquidity and offload concentrated holdings quickly, often faster than the market can absorb. In HNUT’s case, the “Holly The Squirrel” theme and the sharp upside move helped pull attention and liquidity in—then concentrated selling pressure could overwhelm the pool once insiders started exiting.
The structure risks observers highlighted are the same ones that repeatedly show up in fast-moving Solana meme launches. Non-renounced smart contracts, unburned LP tokens, and centralized liquidity control were cited as common levers that can let developers or early backers remove liquidity or dump large positions with minimal friction. When those conditions stack up, retail buyers are effectively providing liquidity that can be pulled out from under them.
The second wave: scams after the crash
After the 99% drop, the situation reportedly got worse for victims. Observers noted a surge of follow-on fraud attempts on social media, including phishing-style “airdrop” bait and impersonation schemes designed to monetize panic. That’s a familiar playbook: the initial collapse becomes the credibility hook, and the “recovery” narrative becomes the trap.
At an operational level, the HNUT episode reinforces three practical risk signals. Concentrated supply turns any large sale into a liquidity event, bundled transaction activity can hide coordinated exits in plain sight, and contract settings around ownership and LP tokens materially change how enforceable and resilient liquidity really is.
