Participated in the Pre-Sale of Memecoin in Solana, Won $1.3 Million

BEER, one of the new memecoins of the Solana ecosystem, has been on the agenda in the cryptocurrency world with its great loss of value in recent days. Now, a post by the Lookonchain platform provides new information about the sales of the BEER token and investors making profits.

Pre-sale participant's big profit

According to Lookonchain's statement, an investor who participated in the pre-sale of the BEER token made a total profit of $1.3 million from $BEER tokens. This investor received 3.38 billion BEER tokens during the pre-sale, spending 301.2 SOL (approximately $50,000).

Then, on May 26, he traded 1.86 billion BEER tokens for $5.45 billion BONK ($192,000).

Transactions on crypto exchanges

After the BEER token was listed on the Gate.io exchange, the investor in question deposited 240 million BEER ($120,000) tokens into Gate.io for a profit.

Today, he sold 4.6 billion $BEER ($1.34 million) tokens and currently holds 400 million BEER ($109,000) tokens. As a result of these transactions, the investor made a profit of more than $1.3 million.

Reasons for loss of value

BEER, which started to be traded on decentralized exchanges such as Raydium in the past weeks, gained 500 times in value in two and a half weeks on the Solana network. However, it has lost more than 80% of its value in recent days.

According to a cryptocurrency analyst, the reason for this decline was that insiders were selling large amounts of BEER. It was claimed that Beercoin (BEER) developers and these individuals controlled more than 50% of the total BEER supply.