SolanaBased Meme Coin Beer Coin Experiences 80 Decline Party Appears to Be Coming to an End
An analysis by LookonChain has recently revealed that a major wallet associated with the Beer Coin has been aggressively selling, resulting in an 80% drop in price over the past few days. This turn of events seems to mark the end for Beer Coin, despite its initial excitement and strong community support.
Not too long ago, Beer Coin made its debut on the Raydium decentralized exchange and other DEXes on the Solana blockchain, which caused a significant surge in its value. At its peak, the coin even reached the fifth spot in trading volume on the Solana network, indicating a surge in trading activity and investor interest. This rally came after a price increase in early June, but last week, the growth slowed down due to suspicions of market manipulation by large holders.
For those unaware, Beer Coin is a German meme cryptocurrency that was launched a few weeks ago. During its pre-sale phase, it experienced a surge in value and reached a market cap of over $300 million. Marketed by numerous influencers, Beer Coin, which doesn’t have a real use case, symbolized beer and aimed to bring people together globally. It was essentially a meme coin that gained significant popularity through effective marketing strategies, driving its price and market cap up rapidly.
However, in the past few days, Beer Coin has experienced a drastic drop of over 80% in value, with its market cap now standing at just under $50 million. Once considered a top 200 meme coin, it has essentially crashed overnight.
According to Cryptoseeks, the crash of Beer Coin can be attributed to a short seller attack, where both small and large investors, including members of the team, decided to sell off their holdings. This selling pressure weakened the community and resulted in the collapse of the coin’s price.
While Beer Coin didn’t completely crash to zero like Tera Luna, the significant sell-offs have severely damaged investor confidence. Many investors have suffered substantial losses, and new investors are now hesitant due to the negative trends in the coin’s chart.
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