A whale that spent nearly $7.68 million on the recently launched memecoin dropped 76% of the investment as the price of the token dropped.
However, the whale has not sold any of its holdings despite having $5.87 million in the red as of writing.
Wait, I'll keep my beer
Per Lookonchain data subscriber On Friday, a whale acquired 35.7 billion tokens of Bircoin (BEER), a recently launched alcohol-themed meme coin. Solana-based BEER launched early this month after a viral pre-sale in May.
Between May 25 and June 18, this whale bought $7.68 million worth of BEER token.
With the sharp decline in the price of Percoin, the whale's holdings shrank to $1.81 million. But what is notable is that BEER fans did not sell any of their tokens.
Will the whale reap a large sum? One analyst says beer will bounce back.
This Beercoin holder just walked away with $1.08 million
Following the launch of the meme coin, BEER price rose to an all-time high of $0.0005704 on June 10. However, the recent decline in the memecoin market, which saw the sector's market capitalization fall below $50 billion again, has since pushed up the price of beer. To a low of $0.000047.
According to CoinGecko, Beercoin is down 83% in the past week, and the decline comes amid this week's massive dump of another whale.
On June 15, Lookonchain Highlight The BEER whale that had 8.89 billion BEER tokens dumped 5 billion of them for 7450 Solana (SOL) worth $1.08 million.
The whale, whose initial holdings represent 1% of the total supply of Beercoin, still holds 3.76 billion BEER.
Amazing pool meme coins
The meme market saw a huge spike in bullish sentiment in late 2023 and throughout the first few months of 2024.
Solana meme coins have exploded onto the scene with the likes of Dogwifhat (WIF), Bonk (BONK), and BOOK OF MEME (BOME), while Brett (BRETT), Degen (DEGEN), and Basenji (BENJI) dominate the main meme coins.
Politically themed tokens were also big this year, and among the viral tokens were DAO Constitution (PEOPLE), MAGA (TRUMP), Geo Boden (BODEN), and Doland Tremp (TREMP).
Analysts expect next week's national debate of US presidential candidates to reignite interest in PolitiFi tokens, while a broader market recovery could help the rest of the sector. However, the current discharge may push most of the tokens deep into the red zone.
