BEERCOIN ($BEER) has seen its value decline by an additional 28% today, extending its losses to over 60% in the past week. The steep decline is attributed to significant sell-offs by large holders, including a notable pre-sale participant and another major whale.
According to on-chain reports, a pre-sale participant has made a substantial profit from selling $BEER. This investor initially spent 301.2 $SOL (approximately $50,000) to acquire 3.38 billion $BEER during the pre-sale. Subsequently, he exchanged 5.45 billion $BONK (worth $192,000) for an additional 1.86 billion $BEER on May 26.
Following the listing of $BEER on Gate.io, he deposited 240 million $BEER (worth $120,000) to the exchange for profit. Today, he sold 4.6 billion $BEER for $1.34 million, retaining 400 million $BEER (valued at $109,000). In total, his profit from these transactions exceeds $1.3 million.
A $BEER pre-sale participant is selling $BEER, and he made a total profit of $1.3M on $BEER!
This guy spent 301.2 $SOL($50K) to participate in the pre-sale and received 3.38B $BEER.
Then he exchanged 5.45B $BONK($192K) for 1.86B $BEER on May 26.
After $BEER was listed on… pic.twitter.com/EvmvG0Q5lb
— Lookonchain (@lookonchain) June 14, 2024
Another significant whale also contributed to the market downturn by dumping 5 billion $BEER for 7,450 $SOL (approximately $1.08 million) three hours ago.
This whale received 8.89 billion $BEER (1% of the total supply) from the $BEER team allocation wallet labeled “8VY4LF…fDd5G2.” Notably, this whale did not participate in the pre-sale. Currently, this whale still holds 3.76 billion $BEER, worth about $820,000.
A $BEER whale dumped 5B $BEER for 7,450 $SOL($1.08M) 3 hours ago.
This whale received 8.89B $BEER (1% of the total supply) from the $BEER team allocation wallet "8VY4LF…fDd5G2", but this whale did not participate in the pre-sale.
And the whale currently has 3.76B $BEER($820K)… pic.twitter.com/0wQyZNJ5kZ
— Lookonchain (@lookonchain) June 15, 2024
The aggressive selling by these major holders has intensified the bearish sentiment surrounding BEERCOIN, contributing to its sharp decline.
The $BEER team and its community are now closely monitoring these activities, as they significantly impact market dynamics and investor confidence. As the market seeks stability, further sell-offs or strategic moves by whales will likely play a critical role in shaping $BEER’s near-term trajectory.
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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