Whale has lost $5.8 million on a memecoin, but isn’t selling yet

Having spent approximately $7.68 million on the recently launched memecoin, the whale’s investment fell 76% as the token’s price dropped.

However, the whale did not sell any of its assets, although it was at a loss of $5.87 million as of the time this article was written.

Hold on, I’ll hold my beer

A whale purchased 35.7 billion tokens from Beercoin (BEER), the recently launched alcohol-themed meme coin, according to data shared by Lookonchain on Friday. Solana-based BEER launched earlier this month following a viral pre-sale in May.

Between May 25 and June 18, this whale purchased $7.68 million worth of BEER tokens.

The whale’s assets dropped to $1.81 million as the price of Beercoin dropped sharply. However, what is noteworthy is that this BEER coin enthusiast has not sold any of his tokens.

Will the whale produce a big harvest? One analyst says BEER will bounce.

This Beercoin owner threw away $1.08 million

Following the launch of Memecoin, the BEER price rose to an all-time high of $0.0005704 on June 10. However, the recent decline in the memecoin market, which caused the sector market capitalization to fall below $50 billion again, has forced the price of BEER to drop to as low as $0.000047.

Beercoin dropped 83% last week, according to CoinGecko, and the declines come alongside another whale’s massive drop this week.

On June 15, Lookonchain highlighted that a $BEER whale that bought 8.89 billion BEER tokens sold 5 billion of it for 7,450 Solana (SOL) worth $1.08 million.

The whale still holds 3.76 billion BEERS, with initial holdings representing 1% of Beercoin’s total supply.

Meme coins are a great rally

The meme coin market witnessed a massive increase in bullish sentiment throughout late 2023 and the first few months of 2024.

Solana meme coins such as Dogwifhat (WIF), Bonk (BONK) and BOOK OF MEME (BOME) are bursting onto the scene, while Brett (BRETT), Degen (DEGEN) and Basenji (BENJI) dominate the Base meme coins.

Politically themed tokens also attracted great attention this year; The viral ones are ConstitutionDAO (PEOPLE), MAGA (TRUMP), Jeo Boden (BODEN) and Doland Tremp (TREMP).

Analysts expect next week’s national debate among US presidential candidates to reignite interest in PolitiFi tokens, while the broader market recovery could help the rest of the industry. However, the current decline could push most tokens further into the red zone.