The whale holding a significant amount of BEER tokens has not sold any of their holdings, despite being $5.87 million in the red. The Solana-based BEER token was launched following a viral presale in May, and the whale purchased $7.68 million worth of BEER tokens between May 25 and June 18. With the price of Beercoin plummeting, the whale’s holdings have decreased to $1.81 million, but they have not sold any of their tokens. The question remains whether the whale will ultimately profit from this situation.
The recent decline in the memecoin market has caused the BEER price to drop to lows of $0.000047, leading to an 83% decrease in Beercoin’s value in the past week. This decline was exacerbated by another whale’s massive sell-off. The whale in question originally held 1% of the total supply of Beercoin and still retains 3.76 billion BEER tokens. Solana meme coins, such as Dogwifhat, Bonk, and BOOK OF MEME, have gained popularity, while tokens like Brett, Degen, and Basenji have dominated the Base meme coins market.
Additionally, political-themed tokens like ConstitutionDAO, MAGA, Jeo Boden, and Doland Tremp have seen significant attention. However, the current market decline may lead to further losses for many tokens in the market.