Blockchain tracking company Lookonchain has identified two significant traders giving up on their memecoin positions as the digital assets market experiences a correction.
According to Lookonchain, one trader holding a seven-figure position decided to sell off all 114.7 billion PEPE tokens after just over a month of holding. The trader purchased the PEPE tokens for $1.27 million at a price of $0.000011 on May 14th and May 15th. Despite seeing a profit of $670,000 when the price of PEPE reached $0.000017 on May 27th, the trader chose not to sell for profit. As the price of PEPE continued to decline, falling below the breakeven point, the trader eventually gave in and sold all of their PEPE tokens.
Moving onto the Solana network, Lookonchain observed a whale selling over $1 million worth of Beercoin (BEER), a memecoin tailored for beer enthusiasts. The whale still holds over $800,000 worth of BEER.
The BEER whale sold 5 billion BEER tokens for 7,450 SOL ($1.08 million) on June 15th. This whale had received 8.89 billion BEER from the BEER team allocation wallet ‘8VY4LF…fDd5G2,’ but did not take part in the pre-sale. Currently, the whale holds 3.76 billion BEER worth $820,000.
At the moment, BEER is trading at $0.000175, a significant decrease from the time the whale sold off a large portion of their position.
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