Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug Pull

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	414,488,401,068	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

414,488,401,068

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	3.27	0.09%	3,448.73	3,448.73	3,448.74

Price Change

Price Change %

Current Price

Bid Price

Offer

3.27

0.09%

3,448.73

3,448.74

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,484.72	3,431.38	3,446.12	3,445.46	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,484.72

3,431.38

3,446.12

3,445.46

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	07:50:52	0.023429	3,448.73	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

07:50:52

0.023429

3,448.73

USD

Price x Volume	Volume	Base Symbol	Related Pairs
91,818,709.72	26,565.93	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

91,818,709.72

26,565.93

Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug Pull

14/06/2024 11:15am

NEWSBTC

The Solana blockchain has revealed a sobering story, adding to the turbulence in the bubbly world of memecoins, such as BEER. The coin rose to prominence in recent weeks, experienced a dramatic price swing, and raising concerns about the inherent volatility and risks associated with these internet-driven tokens. Related Reading: Bitcoin Ownership Trends: Short-Term Spike As ETFs Gain Popularity – Report Whales And Rug Pulls: A Recipe For Disaster BEER’s wild ride began with a classic memecoin scenario: a surge in popularity fueled by online hype and community buzz. However, this exuberance masked a lurking danger – the outsized influence of large token holders, often nicknamed “whales.” When several whales decided to cash out, their massive sell orders triggered a domino effect. The price of BEER plummeted a staggering 70% in a matter of hours, pulling the token’s price down from around $0.0003 to $0.0001. Fears of a “rug pull” – a scenario where developers create a memecoin, inflate its price through marketing, and then vanish with investor funds – ran rampant. While the BEER team vehemently denied any wrongdoing, the incident highlighted the vulnerability of memecoins to manipulation by large holders. 🚨 LATEST: Someone sold $10 million worth of Solana Memecoin $BEER (@beercoinmeme), causing its price to drop by 70%. pic.twitter.com/22H5cM5wFq — SolanaFloor (@SolanaFloor) June 13, 2024 Unlike established cryptocurrencies with diverse ownership structures, memecoins often have a high concentration of tokens held by a small group of individuals. This creates an environment where a few whales can significantly impact the price, leading to extreme volatility. BEER Weathers The Storm, But Questions Remain Fortunately for some BEER holders, the token price staged a partial recovery after the initial selloff. However, the damage was done. The incident served as a stark reminder of the inherent risks associated with memecoin trading. BEER currently sits nearly 40% lower than its pre-crash price, currently trading at $$0.00026, with a cloud of uncertainty hanging over the horizon. The question of who triggered the sell-off remains unanswered, with the BEER team pointing fingers at presale investors. BEERUSDT trading at $0.00028 on the daily chart: TradingView.com Solana’s Memecoin Boom: A Double-Edged Sword The BEER episode also sheds light on the double-edged sword of Solana’s burgeoning memecoin scene. Solana, known for its faster transaction speeds compared to Ethereum, has become a breeding ground for memecoin developers. Related Reading: Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale? The ease of launching tokens on Solana has attracted a wave of new projects, but it has also led to a potential oversaturation of the market. This, coupled with the lack of inherent utility for many memecoins, creates a speculative frenzy where price movements are driven more by hype than by actual value. Featured image from Pixabay, chart from TradingView

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