Memecoins
Whale lost $5.8 million on memecoin, but isn’t selling it yet
A whale that spent around $7.68 million on a recently launched memecoin has lost 76% of its investment as the token’s price plummets.
However, the whale has not sold any of its holdings, despite being $5.87 million in the red at the time of writing.
Wait, I’ll keep my BEER
By Lookonchain data sharing 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 25 and June 18, this whale purchased $7.68 million worth of BEER tokens.
With the sharp drop in the price of Beercoin, the whale’s holdings were reduced to $1.81 million. But what is remarkable is that this BEER coin enthusiast has not sold any of his tokens.
Will the whale reap big? A analyst says BEER will rebound.
This Beercoin Holder Dumped $1.08 Million
After the launch of the meme coin, the price of BEER rose until it reached an all-time high of $0.0005704 on June 10. However, the latest drop in the memecoin market, which brought the sector’s market capitalization back below $50 billion, has since driven up the price of BEER. at the lowest $0.000047.
According to CoinGecko, Beercoin is down 83% over the past week, a drop coming against the backdrop of another whale’s massive spill this week.
June 15 Lookonchain Underlines that a $BEER whale that received 8.89 billion BEER tokens dumped 5 billion for 7,450 Solana (SOL) worth $1.08 million.
The whale, whose initial holdings represented 1% of Beercoin’s total supply, still holds 3.76 billion BEER.
Cool meme coin rally
The meme coin market saw a sharp rise in bullish sentiment in late 2023 and throughout the first months of 2024.
Solana meme coins burst onto the scene with Dogwifhat (WIF), Bonk (BONK), and BOOK OF MEME (BOME), while Brett (BRETT), Degen (DEGEN), and Basenji (BENJI) dominate the core meme coins.
Politically themed tokens have also been prominent this year, with viral tokens being ConstitutionDAO (PEOPLE), MAGA (TRUMP), Jeo Boden (BODEN), and Doland Tremp (TREMP).
Analysts expect next week’s national debate of US presidential candidates to reignite interest in PolitiFi tokens, while the broader market rally could help the rest of the sector. However, the current spill could push most tokens deeper into red territory.