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The Solana Memecoin $BEER has experienced significant volatility following its recent listings on multiple exchanges, including KuCoin, HTX, and Bybit. Despite reaching a market cap of $450 million, the token's price plummeted by 80% after a $10 million sale by a major holder. This caused the market cap to drop to $100 million before rebounding to $300 million, still 50% below its recent highs. Reports indicate that insiders and team members may have cashed out over $15 million and controlled more than 50% of the supply, contributing to the price manipulation. Analysts advise caution as large-scale sales and subsequent buybacks by whales are driving panic and FOMO among retail investors.
20 days ago, a wallet 3Pczg (maybe dev team of $BEER) spent $191k to accumulate 6.8B $BEER (on Solana). With 7.64B $BEER received from dev's wallet, he currently hodls 14.44B $BEER ~ $4.38M. Address: https://t.co/R0Ifu05WIS https://t.co/UOCO6JUfoE
According to on-chain analyst Wazz, a few days after Bybit launched the Solana Memecoin BEER perpetual contract, BEER fell 80% at one point, and insiders/teams may have cashed out more than $15 million. Insiders/teams may control more than 50% of the supply and use Bybit… https://t.co/xBUK9q1yKI
🚨 ALERT: @lookonchain advises being careful when trading Solana Memecoin $BEER (@beercoinmeme) as a whale drives the price down by selling big, causing panic sales, then buys cheap and sells high. (Profiting from retail investors' FOMO) https://t.co/DKOE2BoTqf
