Whale, who spent about $7.68 million on the recently launched meme coin, is losing 76% of his investment due to the fall in the price of the token. 📉 Despite losses of $5.87 million, the whale did not sell a single token.

According to Lookonchain, the whale purchased 35.7 billion tokens of Beercoin (BEER), a themed meme coin based on Solana. With the price of Beercoin falling, the whale's assets fell to $1.81 million.

Analysts expect BEER to rebound. However, another whale sold 5 billion BEER for 7,450 Solana (SOL), worth $1.08 million.

Meme coins have gone from rally to bust. It is expected that the national debates of US presidential candidates next week could revive interest in political tokens.