Memecoins
Whale lost $5.8 million on a memecoin, but hasn’t sold it yet
A whale who spent around $7.68 million on a recently launched memecoin has lost 76% on his investment as the token’s price plummets.
However, the Whale has not sold any of its holdings despite being $5.87 million in the red at the time of this writing.
Wait, I’m keeping my BEER
For Lookonchain data shared on Friday, a whale acquired 35.7 billion tokens of Beercoin (BEER), a recently launched alcohol-themed meme coin. Solana-based BIRRA launched earlier this month after a viral pre-sale in May.
Between May 25 and June 18, this whale purchased $7.68 million worth of BEER tokens.
With the sharp fall in the price of Beercoin, the whale’s holdings were reduced to $1.81 million. But what’s notable is that this BEER coin enthusiast hasn’t sold any of his tokens.
Will the whale reap great results? A analyst says BEER will rebound.
This Beercoin holder sold $1.08 million
After the meme coin launch, the price of BEER skyrocketed to an all-time high of $0.0005704 on June 10th. However, the latest drop in the memecoin market, which reduced the industry’s market capitalization back below $50 billion, has since pushed the price of BEER. at lows $0.000047.
According to CoinGecko, Beercoin is down 83% over the past week, a drop due to this week’s massive collapse by another whale.
June 15th Lookonchain highlighted that a $BEER whale that received 8.89 billion BEER tokens dumped 5 billion of them for 7,450 Solana (SOL) worth $1.08 million.
The Whale, whose initial holdings represented 1% of Beercoin’s total supply, still holds 3.76 billion BEER.
Meme Coins: a nice rally
The meme coin market witnessed a massive spike in bullish sentiment in late 2023 and during the early months of 2024.
Solana meme coins burst onto the scene with the likes of Dogwifhat (WIF), Bonk (BONK) and BOOK OF MEME (BOME), while Brett (BRETT), Degen (DEGEN) and Basenji (BENJI) dominate meme coins Basic.
Politically themed tokens have also seen great success this year, with the viral ones being ConstitutionDAO (PEOPLE), MAGA (TRUMP), Jeo Boden (BODEN) and Doland Tremp (TREMP).
Analysts expect next week’s national debate of US presidential candidates to reignite interest in PolitiFi tokens, while a broader market recovery could help the rest of the sector. However, the current dump could push most tokens further into red territory.