🌎 Cryptocurrency Whale Faces 76% Loss on Beercoin Investment

A cryptocurrency whale who invested approximately $7.68 million in a newly launched memecoin has seen a significant decrease in their investment, currently down by 76% as the token’s price drops. Despite this, the whale has not sold any of their holdings, remaining $5.87 million in the red at the time of writing.

Holding Onto Beercoin

According to data, a whale acquired 35.7 billion tokens of Beercoin (BEER), an alcohol-themed memecoin built on the Solana blockchain. BEER was launched earlier this month following a viral presale in May. Between May 25 and June 18, the whale purchased $7.68 million worth of BEER tokens.

As Beercoin’s price has sharply declined, the value of the whale’s holdings has reduced to $1.81 million. Notably, the whale has not sold any of their BEER tokens despite the significant loss.

Market Movements and Predictions

After its launch, Beercoin’s price surged to an all-time high of $0.0005704 on June 10. However, a recent downturn in the memecoin market has caused BEER’s price to plummet to $0.000047. Beercoin has dropped 83% in the past week, partly due to a significant sell-off by another whale.

On June 15, data highlighted that a whale who received 8.89 billion BEER tokens sold 5 billion of those for 7,450 Solana (SOL), worth $1.08 million. This whale, who initially held 1% of Beercoin’s total supply, still retains 3.76 billion BEER tokens.

Meme Coins Market Overview

The meme coin market experienced a surge in bullish sentiment in late 2023 and the early months of 2024. Solana-based meme coins like Dogwifhat (WIF), Bonk (BONK), and BOOK OF MEME (BOME) have gained attention, while Base meme coins such as Brett (BRETT), Degen (DEGEN), and Basenji (BENJI) have also seen increased interest.

Political-themed tokens have been popular this year, with viral tokens including ConstitutionDAO (PEOPLE), MAGA (TRUMP), Jeo Boden (BODEN), and Doland Tremp (TREMP). Analysts anticipate that the upcoming US presidential candidates’ national debate may renew interest in PolitiFi tokens. However, the recent market downturn could push many tokens further into negative territory.