Solana Shitcoin $BEER Went Down 80% a Few Days After Listing on Bybit With Insiders/Team Cashing Out $15M+

A crypto detective explained how the insiders dumped $15 million worth of $BEER coin against innocent retail investors. $BEER coin is a newly launched Solana network-based meme token.

On-chain analyst Wazz has explained how the insiders dumped nearly $15 million worth of BEER tokens against innocent retail investors.

The Solana (SOL)-based meme token, $BEER, garnered support on major tier-one centralized crypto exchanges, including KuCoin, Bybit, and Bitpanda.

4/ We helped $BEER team in several major ways:

– Tier-1 CEX listings ( KuCoin, Bybit, Bitpanda )

– Launch execution ( we shook out all the weak hands )

– Liquidity provision

– KOLs rounds

– Advisory

Today $BEER trading volume reached $1B!

However, 15 hours ago, the trade price of this token crashed by nearly 80%.

The crypto project insiders dumped a large quantity of BEER tokens, and several crypto detectives highlighted this activity.

On-chain analyst Wazz noted that the price of BEER dropped 80% a few days after Bybit launched the BEER perpetual contract. According to Wazz, insiders or team members might have cashed out over $15 million and possibly control more than 50% of the coin’s supply.

Wazz also expects insiders to use Bybit’s perpetual contracts to manipulate BEER’s trade price.

Solana shitcoin $BEER went down 80% a few days after listing on @Bybit_Official with insiders/team cashing out $15M+

The team/insiders controlled 50%+ of supply

One of the biggest and more ellaborate meme scams I've seen so far

here are the wallets that caused the dump? pic.twitter.com/ngdtVs7T0F

The current trade price of this meme token is $0.00028, and this trade price is 7% down over the last 24 hours period.

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The notable sudden dump in the price of this token is visible in the price graph, which is enough to show the level of price pump & dump game.

Be-aware or $BEER coin price manipulation pic.twitter.com/0Z4O0BTDNl

Meme coins trend

In 2024, the majority of the crypto traders have shown an investment inclination toward meme tokens to get high profit in a short period of investment.

In the trend of meme tokens, many tokens appeared as the best investment asset under the current scenario of the market sentiments.

Some bad actors misused this trend & easily scammed many innocent people. Here not only bad actors but also many social media influencers, singers, and rapper showed their direct support to launch meme tokens & cashed out huge money.

https://t.co/Syh4MZXHGV#Vitalik Criticises Australian Rapper And Model Iggy Azalea For Launching $Mother #Crypto Token

Read also: SEC Chair Gensler Signals Potential Ethereum ETF S1 Approval This Summer

News source：https://www.kdj.com/cryptocurrencies-news/articles/solana-shitcoin-beer-days-listing-bybit-insidersteam-cashing-m.html

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