Crypto News

BEERCOIN ($BEER) Experiences Sharp Decline And Recovery Amid Whale Manipulation

Today, BEERCOIN ($BEER) saw a dramatic price drop of over 25%, plunging to a low of $0.00009 before quickly recovering above $0.0003.

Traders are advised to exercise caution when trading $BEER.

A whale has been manipulating the market by selling large quantities of $BEER, driving the price down and causing retail investors to panic sell.

The whale then buys $BEER at the lower price, driving the price back up and attracting retail investors to buy in fear of missing out (FOMO). Once the price rises, the whale sells large quantities again, profiting from the cycle of buying low and selling high at the expense of retail investors.

BeerCoin Team Responds Quickly To Speculations

In response to the situation, the BEERCOIN team announced on X that they did not initiate the panic selloff this morning. They emphasized that every transaction can be tracked on-chain, which supports their statement. The team is actively working to stabilize the market and support the price of $BEER.

Additionally, the team announced the conclusion of the BEERNINGMAN event. During this event, tokens were burned, and rewards were distributed. A total of 618 wallets claimed rewards, with 146 traders making a profit. In total, 421,900,609 tokens were burned.

The BEERCOIN team’s swift response and transparency aim to reassure investors and restore confidence in the market. However, traders are urged to remain vigilant and aware of potential market manipulation tactics.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: tongpatong321/123RF // Image Effects by Colorcinch

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