SolanaBased Meme Coin Beercoin Plummets by 80 Indicating an Imminent Conclusion to the Party
LookonChain’s recent analysis has revealed that the Beer Coin, a popular wallet associated with the cryptocurrency, is currently experiencing a massive sell-off, resulting in an 80% drop in price over the past few days. This unfortunate turn of events appears to signal the end of Beer Coin, despite its initial hype and strong community support.
Just recently, Beer Coin was listed on the Raydium decentralized exchange and other DEXes on the Solana blockchain. For those who may not be familiar, Beer Coin is a German meme cryptocurrency that was launched a few weeks ago. During its pre-sale phase, the coin experienced a significant surge in price, reaching a staggering market cap of over $300 million. Thanks to the efforts of numerous influencers, Beer Coin, which lacked a concrete use case and merely represented beer, aimed to bring people together on a global scale. It was essentially a meme coin that gained immense popularity through effective marketing strategies, driving its price and market cap up rapidly.
However, another wallet associated with the Beer Coin team has recently been selling off a substantial amount of $BEER, resulting in a 60% drop in price today alone. This particular wallet received 8.88 billion $BEER from the Beer Coin team’s wallet, “8VY4LF…fDd5G2”, and has sold 8.7 billion $BEER for $1 million over the past two days.
At its peak, Beer Coin briefly ranked fifth in trading volume on the Solana network, indicating a significant increase in trading activity and investor interest. This surge followed a price pump in early June, but the momentum slowed down last week due to speculations of market manipulation by large holders. However, in recent days, Beer Coin has experienced a drastic 80% drop in price and currently has a market cap of just under $50 million. The coin, which was once among the top 200 meme coins, has virtually 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 team members, have been selling off their holdings. This selling pressure has weakened the community and caused the price to collapse. Although Beer Coin did not crash to zero like Tera Luna, the substantial sell-offs have significantly damaged investor confidence. Many investors have suffered significant losses, and potential new investors are now cautious due to the negative trends observed in the charts.
In conclusion, Beer Coin’s recent sell-off has had a devastating impact on its price and market cap. Despite its initial popularity and strong community support, it seems that the end is near for this meme cryptocurrency.