One whale spent approximately $7.68 million on a recently launched memecoin, seeing a 76% drop in his investment as the token's price dropped. However, the whale did not sell any of its assets despite a loss of $5.87 million at the time of writing. 🍺

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

When the price of Beercoin dropped sharply, the whale's assets dropped to $1.81 million. However, the noteworthy point is that this BEER coin enthusiast has not sold any of his tokens.

One analyst says BEER will rebound. This Beercoin holder drained an amount of $1.08 million.

The meme coin market saw a major bull move in late 2023 and the first few months of 2024. However, the current decline could push most tokens further into the red zone.