70% Loss: BEER Drops Sharply, Panic Sellers Dump Vested Tokens

IconCryptoNewsTerminal Staff13 Jun, 2024

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70% Loss: BEER Drops Sharply, Panic Sellers Dump Vested Tokens

Meme coin BEER, which plunged up to 76% today, took to its official X (formerly Twitter) to assure that the "team did not sell tokens." According to on-chain data, today's steep decline was driven by pre-sale investors cashing out their vested tokens. The BEER team added, "Panic sellers are now gone. Only BEER's fellow diamond hands (long-term investors) are left in the market." Earlier, Coinnis reported that BEER had shown a short-term downtrend today and was recovering after plummeting up to 76%.

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