Ethereum

Solana

BEER

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The overall cryptocurrency market is currently going through a tough phase, with top assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many others experiencing massive price drops. Amid this downturn, a recently launched <a href="https://news.todayq.com/solana-vs-ethereum-a-crypto-meme-war/">Solana-based meme token</a>, Beercoin (BEER), has plunged 65%, gaining massive attention from crypto enthusiasts and raising concerns about potential price manipulation. Newly launched BEER token price drop 65% 
The reason behind this significant 65% price drop is the continuous dumping of BEER tokens on the DEX. Recently, an on-chain analytics firm, Lookonchain, made a post on X highlighting that a wallet address “8vy4lf” related to the Beercoin team sold a massive 8.7 billion tokens for $1 million in the last two days. 
Another wallet related to the 
Additionally, on June 16, 2024, the same wallet “8vy4lf” sold 5.43 billion BEER tokens for $1.13 million, as reported by Lookonchain. However, these massive BEER tokens have been transferred many times. When traced, it was identified that the wallet had received tokens from the Beercoin team wallet address “7yfvQX.” This massive dumping of BEER tokens has mounted concerns of potential price manipulation and a pump and dump by insiders. Potential price manipulation by the Beercoin team 
Before this massive selling in the last two days, an individual named Wazzcrypto made several posts on X, alerting everyone that the BEER team or insiders control nearly 50% of the total supply. Additionally, following the BEER listing on Bybit, it drastically fell by 80% within days of its initial listing, leading to significant losses for investors. 
The Solana shitcoin 
According to a post on X, insiders and the project team had cashed out approximately $15 million before the token crash. This incident stands out as one of the most sophisticated meme scams observed within the cryptocurrency space, highlighting the risks associated with investing in newly listed tokens. 
As of writing, BEER is trading near $0.000060, and in the last 24 hours, it experienced a significant price drop of 65%, according to CoinMarketCap. However, following its listing and over the last seven days, the token’s value has dropped by 88%, which is a matter of concern. Meanwhile, the 24-hour trading volume surged by 18%, highlighting investor and insider participation during the same period.

Beercoin (BEER) crashes 65% after huge 8.7 billion token dump, Insider trading or what?

Todayq News

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