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

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

Quick Summary:

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.

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.

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.