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The Beercoin price continues to witness significant selling pressure and has crashed by over 30% today on Monday.
This new Solana meme coin has been in the spotlight since the start of June, securing listings on several top crypto exchanges and growing close to 4000% from its listing price.
The mounting concerns regarding a potential rug pull by insiders and pump-and-dump price action from whales have resulted in questions about Beercoin’s long-term viability.
On the other hand, a new meme coin – Sealana (SEAL) – is seeing significant FOMO ahead of its upcoming IEO, with some experts calling it the next 100x meme coin.
Beercoin Price Crashes
The Beercoin price is down over 60% over the past week and is currently trading at $0.000175, with a market capitalization of $155 million. The meme coin is down 70% from its all-time high of $0.00059, which it had reached last Monday.
The decline in $BEER’s price could largely be attributed to growing concerns regarding market manipulation, both from insiders as well as crypto whales.
For instance, popular crypto analyst Wazz (@WazzCrypto) called BEER “one of the more elaborate meme scams”, claiming that insiders and its developer team are cashing out after the token’s listing on ByBit.
He also revealed that over 50% of the token supply is being held by Beercoin’s developer team.
The Solana shitcoin $BEER went down 80% a few days after listing on @Bybit_Official with insiders/team cashing out $15M+
The team/insiders controlled 50%+ of supply
One of the biggest and more ellaborate meme scams I've seen so far
here are the wallets that caused the dump
pic.twitter.com/ngdtVs7T0F
— Wazz (@WazzCrypto) June 13, 2024
On-chain platform Lookonchain also corroborated his accusation. In an X post, the platform highlighted how a crypto whale sold over $1 million worth of BEER, which it had received from the Beercoin team.
A $BEER whale dumped 5B $BEER for 7,450 $SOL($1.08M) 3 hours ago.
This whale received 8.89B $BEER (1% of the total supply) from the $BEER team allocation wallet "8VY4LF…fDd5G2", but this whale did not participate in the pre-sale.
And the whale currently has 3.76B $BEER($820K)… pic.twitter.com/0wQyZNJ5kZ
— Lookonchain (@lookonchain) June 15, 2024
In another post, Lookonchain revealed that an account related to the BEER team sold over $1 million worth of tokens. The Beercoin X account responded to this post, claiming that the seller was not an insider but a deep-pocketed investor who simply decided to cash in its profits.
We have noticed that there’s a huge disinformation floating around about $BEER token distribution 
https://t.co/zBXdNlclNN
— beercoin (@beercoinmeme) June 16, 2024
However, insiders dumping their holdings is the least of Beercoin’s concerns. In another post, Lookonchain revealed that a crypto whale – unrelated to the BEER team – has been engaging in pump-and-dump price action to maximize its returns.
For instance, it would dump his holdings to induce panic-selling amongst retail investors, only to buy the token back at a cheaper price.
Be careful when trading $BEER.
A whale sells $BEER in large quantities to drive the price down, causing retail investors to sell in panic.
Then buy $BEER from the bottom to drive up the price, attracting retail investors to buy in #FOMO.
When the price rises, he sells it in… pic.twitter.com/yVHC1qFg92
— Lookonchain (@lookonchain) June 13, 2024
Beercoin Promises Major Announcement Today – Will Its Price Bounce Back?
So far, any efforts by the Beercoin team to stabilize the token price have been in vain.
For instance, its X account announced yesterday that 2 billion $BEER tokens have been burned, with another token burn scheduled to take place in the coming days. However, the meme coin price did not display any sustainable bullish strength.
Today, the Beercoin X account has been teasing a major announcement. However, whether or not it could stop the token’s bearish trajectory remains to be seen.
Could Sealana be the Next 100x Meme Coin?
While the Beercoin price is seeing heavy selling pressure, other new Solana meme coins are garnering significant attention.
For instance, the seal-themed token Sealana is gearing up for its highly-anticipated launch. The new meme coin has already raised over $4 million in its successful presale, which is set to end on June 25th. The $SEAL IEO is expected to occur just a few days later.
Sealana’s hilarious and relatable mascot – a chubby and patriotic seal – has caught the attention of deep-pocketed investors. Indeed, a look at the project’s X account reveals the mascot engaging in eccentric activities, whether it be going on Joe Rogan’s podcast or challenging Connor McGregor to a duel.
#Sealana had a great time on @joerogan's podcast! 
After tossin' back too many whiskey cokes 
and puffin' on some green herbal joints 
, Sealana got Joe Rogan seeing the #Memecoin light! 
Send $SOL 
if y'all wanna see Sealana back on the show! 
#MAGA #USA pic.twitter.com/XFqvWS9ZLu
— Sealana (@Sealana_Token) June 16, 2024
Meme coin investors have begun to understand the upside potential of tokens that can make them laugh or are relatable. After all, several whales invested in Dogwifhat, simply because “the dog had a hat”.
Furthermore, Sealana’s user-friendly presale model is creating significant demand. Interested buyers can either use the over-the-counter widget on the Sealana website or simply send $SOL tokens to the project wallet.
Owing to its comical mascot and simplified presale model, experts are backing Sealana to be the next 100x meme coin.
Investors looking to get in early and purchase the token at its discounted presale price now have just over 8 days. They are also advised to follow the Sealana X and Telegram accounts to keep up with the latest updates.
Visit Sealana Presale
*Cryptonomist did not write the article or test the platform.