The Sale Doesn't End at the Popular Memecoin in Solana: Another Million Dollars Sold

There is no end to sales for one of the most popular memecoins in the Solana ecosystem.

A wallet affiliated with the Beercoin (BEER) team sold 5.43 billion BEER tokens for $1.13 million, blockchain analysis platform Lookonchain reported. This sale stands out as one of the reasons behind the sharp decline in the BEER price in recent days.

The big drop in Beercoin

BEER, which has recently attracted attention in the Solana ecosystem, stunned investors by losing more than 80% of its value in a few days.

According to cryptocurrency analysts, the movements of people with insider information are behind this decline. Allegedly, BEER developers and some key figures controlled more than 50% of the total BEER supply and used this control to realize millions of dollars in sales.

connected to the team

According to the information shared by Lookonchain, the sale of 5.43 billion $BEER tokens was carried out by one of the wallets directly connected to the BEER team. The platform tracked that this wallet received BEER tokens directly from the BEER team wallets at addresses “7yfvQX…o9v394” and “8VY4LF…fDd5G2”.

Impact on the Market

This massive selling movement caused a significant drop in the price of BEER. The recent sale of large amounts of tokens has increased volatility in the markets and led to panic sales among investors. This accelerated the depreciation of BEER and the price of the token dropped rapidly.