Solana-Based Memecoin Crashed 70 Percent Due to a Single Transaction

The popular memecoin project on Solana (SOL) lost more than half its value due to a single transaction.

The price of the memecoin called Beercoin (BEER), introduced as "liquid gold", crashed today in the morning hours.

This is how the BEER price fell

A major BEER investor sold $10 million worth of BEER memecoins in the early hours, according to SolanaFloor data.

According to Solscan data, BEER, which has a supply of 885.8 million, has more than 41 thousand users in total. The project is trying to come close to other memecoins like PEPE, WIF, FLOKI.

The $10 million sale caused the price of BEER to drop precipitously. According to TradingView data, the BEER price dropped from $0.003 to $0.0008 in the morning hours and lost more than 70% of its value.

It became popular in a short time

BEER has gained great popularity in the Solana ecosystem in the last month. BEER entered Twitter trends in Europe and Asia at the end of last month.

BEER, which gained more than 300 thousand followers in a short time on social media, organized a pre-sale worth a total of 30 thousand Solana. BEER broke a record by reaching the targeted amount in a short time.

BEER began trading on Raydium and several other decentralized exchanges (DEXs) after pre-sale.