Theory: The Identity of the Shipwreck on Whitecap Beach

Abstract
The shipwreck on Whitecap Beach is the same fishing boat which was carrying the Fishhook Thing.

Arguments

 * Argument 1: When the fourth Wiggler segment tries to use the small boat to reach Whitecap Beach, the captain says that a fishing boat has disappeared there. Another Toad on the harbor says that a fishing boat carrying a massive fishhook left the port recently.


 * Argument 2: The Fishhook Thing is located in an underground cave connected to the sea, where it likely washed up after the shipwreck.