Solana Memecoin BEER Crashes 80% Amid Allegations of Insider Manipulation on ByBit

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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. Under better leadership, this token successfully grabbed support on the major three centralized crypto exchanges e.g. KuCoin, Bybit, and Bitpanda. 

15 hours ago, the trade price of this token crashed by nearly 80%, as the insiders of this crypto project dumped nearly $15 million worth of BEER tokens. 

On-chain analyst Wazz reported that a few days after Bybit launched the BEER perpetual contract, the price of BEER dropped 80%. According to this crypto detective, 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.

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

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.

Meme coins trend

In 2024, the majority of the crypto traders have shown 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.

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