A whale who invested heavily in a new memecoin called Beercoin (BEER) is facing a significant loss as the token’s price continues to drop. Despite being down $5.87 million on their initial investment of $7.68 million, the whale has chosen not to sell any of their BEER holdings.
The whale purchased a total of 35.7 billion BEER tokens between May 25 and June 18, when the token was first launched. However, due to the recent plunge in Beercoin’s price, their investment has now shrunk to $1.81 million.
Even though the whale’s holdings have decreased by a large margin, they remain optimistic about the future of BEER. Some analysts believe that Beercoin could experience a rebound in the near future, potentially allowing the whale to recoup their losses.
In addition to the whale holding onto their BEER tokens, another large holder of Beercoin recently decided to sell off a portion of their holdings. This second whale, who initially owned 8.89 billion BEER tokens, sold 5 billion of them for 7,450 Solana (SOL) worth $1.08 million. Despite this significant sell-off, the whale still retains 3.76 billion BEER tokens.
The overall meme coin market has been experiencing a cooling-off period after a period of rapid growth and excitement. Various meme coins, including Solana-based tokens like Dogwifhat (WIF), Bonk (BONK), and BOOK OF MEME (BOME), have seen their prices fluctuate in recent weeks.
Furthermore, political-themed tokens such as ConstitutionDAO (PEOPLE), MAGA (TRUMP), Jeo Boden (BODEN), and Doland Tremp (TREMP) have also gained popularity among investors. Analysts are predicting that the upcoming US presidential candidates’ national debate could spark renewed interest in political meme tokens.
While some believe that the broader market recovery could help stabilize the meme coin sector, the recent market dump has caused many tokens to fall into the red. It remains to be seen how the meme coin market will evolve in the coming weeks and months, and whether investors like the BEER whale will be able to turn their losses into gains.