🚀A whale who spent about $7.68 million on a recently launched meme token loses 76% of his investment as the token's price collapses.

📉According to Lookonchain, the whale purchased 35.7 billion Beercoin (BEER) tokens, a recently launched alcohol-themed meme token. Despite the sharp drop in the price of Beercoin, the whale did not sell any of its tokens.

🔮Analysts expect BEER to rebound. What do you think? Leave your opinion in the comments!

📊After the launch of the meme token, the price of BEER soared to an all-time high of $0.0005704 on June 10th. However, the latest downturn in the meme token market has reduced the sector's capitalization to less than $50 billion, causing the price of BEER to fall to $0.000047.

📈The meme token market saw a huge surge in bullish sentiment at the end of 2023 and during the first months of 2024. Next week is expected to bring renewed interest in political tokens, while a recovery in the broader market could help the rest of the sector.