Cryptocurrency token WhiteRock (WHITE) experienced a significant surge of over 110% on May 30 following reports of potential partnership with a major Saudi oil producer. The surge, evident in the intraday high of $0.00138 before settling to $0.00104 at the time of writing, was driven by rising speculation and interest from traders. 📈 📈
Market data shows that WhiteRock’s market capitalization has reached approximately $780 million with a five-fold increase in trading volume reaching nearly $10 million. This jump is notable considering its surge since March, which has amounted to over 280%.
The excitement surrounding the token was fueled by increased open interest, soaring to an all-time high of $998.55k, signaling substantial activity among derivative traders.
Rumours began circulating on X (formerly Twitter) suggesting WhiteRock is partnering with Ripple to tokenize the oil supply chain of a major Saudi producer, reportedly Saudi Aramco. Unverified claims claiming this partnership were shared by market watcher Amonyx on May 29, with the document supposedly signed by a purportedly Saudi official.
This post quickly went viral, gaining over 254,000 views and pushing WHITE into trending searches on Google, fueling retail FOMO (fear of missing out). However, neither Ripple nor WhiteRock has confirmed this partnership, adding to the uncertainty surrounding the token’s rally.
A closer look at the shared document raises serious doubts about its authenticity. It features a figure with no official record in Saudi history and a signature resembling that of Iranian actress Mahtab Keramati, suggesting possible misrepresentation. Additionally, Saudi Aramco has yet to publicly announce any involvement with blockchain-based oil tokenization.
While WhiteRock did have ties to Ripple’s ecosystem through its launch on the XRP Ledger in March 2025, aiming for institutional tokenized asset trading, no references were made to oil-related products in their official communications.
Until verified confirmations emerge, the surge in WHITE appears to be driven by speculation and sentiment. The token’s future is likely to be affected by whether or not these rumors are confirmed, with potential downward pressure if the hype dies down.