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Whale Lost $5.8 Million in Memecoin, But Still Not Selling
A whale that spent approximately $7.68 million on a recently launched memecoin saw a 76% drop in investment as the token’s price plummeted.
However, the whale did not sell any of its holdings, despite being US$5.87 million in the red so far.
Wait, I’ll hold my BEER
By Lookonchain data shared on Friday, a whale acquired 35.7 billion tokens of Beercoin (BEER), a recently launched alcohol-themed meme coin. Solana-based BEER launched earlier this month after a viral pre-sale in May.
Between May 25th and June 18th, this whale purchased $7.68 million worth of BEER tokens.
With the sharp drop in Beercoin’s price, the whale’s holdings decreased to $1.81 million. But what is notable is that this BEER coin enthusiast has not sold any of his tokens.
Will the whale harvest a lot? One analyst says BEER will jump.
This Beercoin Holder Dumped $1.08 Million
Following the launch of the meme coin, the price of BEER soared to an all-time high of $0.0005704 on June 10. However, the latest dump into the memecoin market, which caused the sector’s market cap to decline again below $50 billion, has since pushed the price of BEER to lows of $0.000047.
According to CoinGecko, Beercoin fell 83% last week, a decline that came amid this week’s massive dump by another whale.
On June 15th Lookonchain highlighted that a $BEER whale who received 8.89 billion BEER tokens dumped 5 billion of that for 7,450 Solana (SOL) worth $1.08 million.
The whale, whose initial holdings represented 1% of the total Beercoin supply, still holds 3.76 billion BEER.
Cool meme coin rally
The meme coin market witnessed a huge increase in bullish sentiment towards the end of 2023 and during the first few months of 2024.
Solana meme coins have entered the scene with names like Dogwifhat (WIF), Bonk (BONK) and BOOK OF MEME (BOME), while Brett (BRETT), Degen (DEGEN) and Basenji (BENJI) dominate Base meme coins.
Political-themed tokens were also big this year, with the viral ones being ConstitutionDAO (PEOPLE), MAGA (TRUMP), Jeo Boden (BODEN) and Doland Tremp (TREMP).
Analysts expect the US presidential candidates’ national debate next week to reignite interest in PolitiFi tokens, while the broader market recovery could help the rest of the sector. However, the current dump could push most tokens into red territory.