BEER Price Plunges 70% Amidst Rumors of Team Token Dumping

IconCryptoNewsTerminal Staff13 Jun, 2024

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BEER Price Plunges 70% Amidst Rumors of Team Token Dumping

Meme coin BEER, which fell up to 76% today, announced through the official X (formerly Twitter) that the "team did not sell tokens. According to on-chain data, the sharp decline today was due to pre-sale investors dumping their vested tokens to cash out." The BEER side 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 showed a short-term downtrend today and is rebounding after falling up to 76%.

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