Solana meme coin BEER plummets 84% ​​after listing on Bybit! Analyst: Team sells at high point to cut leeks

This site (120BtC.coM): In this round of crypto bull market, in addition to Bitcoin breaking through the new high of the previous round of bull market, the most concerned thing is that the myth of wealth creation is frequently spread. memecoin section. However, in the meme currency sector where hundreds of tokens are launched every day, how many tokens rely on community consensus to drive up prices, and how many tokens rely on internal team efforts to control prices?

Bybit’s listing of $BEER plummeted 84%

The meme currency $BEER was officially deployed on the public chain Solana on May 24. The initial price was $0.00001996, and then rose all the way. In May The increase reached 10 times on the 31st, which was also the day when the centralized exchange Bybit launched the $BEER perpetual contract.

Because the value of a single $BEER token is too small, the perpetual contract listed by Bybit is 1000BEER. In other words, the price of $BEER will be 1000 times higher in Bybit contract transactions.

After being listed on Bybit, the perpetual contract price of $BEER reached its highest point of $0.579 on June 10. Calculated based on the initial price of the listing, the increase was as high as 28 times. However, the price of $BEER continued to fall in the following days. It fell as low as $0.08160, a drop of 84%.

The price rebounded before the deadline, reporting at $0.29, with a drop of 8.37% in the past 24 hours.

Analyst: Insiders control more than half of the supply

In this context, on-chain analyst Wazz posted on the social platform X yesterday that the BEER price plummeted 84% because of the team Insiders sold and made over $15 million in profit. Further investigation revealed that members of the team controlled more than 50% of the $BEER supply.

“Solana on-chain spam coin $BEER dropped 80% days after @Bybit_Official listing, insiders/team cashed out over $15M. Team/insiders control 50%+ of supply so far One of the largest and more elaborate meme scams I have ever seen.”

In addition, Wazz also used visual graphs in the tweet to show the correlation of multiple wallet addresses and the acquisition of each address. Profit performance is listed together. However, Wazz said that there are many wallet addresses within the team selling BEER tokens worth hundreds of thousands of dollars. However, due to the large number, Wazz did not check them one by one, so the actual profit amount may be 2 to 3 times higher. .

On the other hand, Wazz speculated that BEER team members may have used the perpetual contract launched by Bybit to manipulate prices to prevent the market from falling too sharply.

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