One whale spent about $7.68 million on the newly launched memecoin, seeing its investment drop by 76% as the token price fell. However, the whale did not sell its assets despite suffering a loss of $5.87 million at the time of writing. 🍺

The whale bought 35.7 billion tokens into the alcohol-themed memecoin Beercoin (BEER), which launched earlier this month after a viral presale in May. Whales purchased $7.68 million worth of BEER tokens between May 25 and June 18.

When the price of Beercoin fell sharply, the whale's assets fell to $1.81 million. However, what needs to be noted is that this BEER coin enthusiast has not sold any of his tokens.

One analyst says BEER will recover. These Beercoin holders spent $1.08 million.

The meme coin market experienced a massive bullish run in late 2023 and the first few months of 2024. However, the current downturn could push most tokens further into the red zone.