DeFi: Whale Dumps $1 Million Worth of BEER and Community Suspicions Linger

IconCryptoNewsTerminal Staff15 Jun, 2024

cryptonews.jpg

DeFi: Whale Dumps $1 Million Worth of BEER and Community Suspicions Linger

Whale Dumps Millions in BEER Blockchain analytics firm Lookonchain revealed a significant transaction involving Solana-based meme coin Beercoin (BEER). A whale address dumped 5 billion BEER worth $1.08 million for 7,450 SOL. Source of BEER Lookonchain noted the whale address received 8.89 billion BEER directly from the BEER team, without participating in the presale. After the dump, the whale still holds 3.76 billion BEER, valued at around $820,000. Community Suspicions BEER has experienced sharp price fluctuations, including a 76% plunge on the 13th. The BEER team attributed the drop to presale investors, but community members remain skeptical. Ongoing Investigation Lookonchain's analysis provides insights into the transaction and raises questions about the token's distribution and the role of whales in the DeFi market. The community continues to speculate on the motives behind the whale's dump and the future of BEER.

Related News