Solana's Memecoin Dropped 80 Percent in a Few Days Because of This Team

BEER, one of the newest memecoins of the Solana ecosystem, lost 80% of its value in just a few days.

BEER, introduced as “liquid gold”, started to be traded on decentralized exchanges such as Radium in recent weeks.

It collapsed in a short time

BEER, which was valued 500 times in two and a half weeks on the Solana network, has lost more than 80% of its value in recent days.

A cryptocurrency analyst said that this happened because of people with insider information. Allegedly, Beercoin (BEER) developers and the names in question controlled more than 50% of the total BEER supply.

Millions of dollars in sales

13 names associated with BEER's development team sold $15 million worth of BEER in the last few days. According to the analysis, some of them disposed of more than $1 million worth of tokens at once.

Some of them sold at the top and bought at the bottom. “Since Bybit has opened [BEER] futures, they can easily manipulate it in short/long positions,” said crypto analyst Wazz.

The BEER price had started to drop rapidly yesterday after $10 million worth of tokens were sold in a short period of time.

It was claimed that the name behind the Beercoin project was a person named Flo Pharell, who lives in Dubai.