Solana token BEER crashes 85% following insider sell-off

After rising 5,200% over two-and-a-half weeks, the Solana meme coin BEER crashed 85% in a few days following massive sell-offs by insider traders, as reported on X by a user identified as Wazz. The dump of 13 different wallets amounted to over $15 million during this period.

The 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

— Wazz (@WazzCrypto) June 13, 2024

According to Wazz, the team and insiders related to them controlled over 50% of BEER’s supply. Notably, the dump happened a few days after the token was listed on ByBit and consequently tapped into more liquidity.

The wallet started with Ba1rZ was identified as the possible dump trigger, after selling $1.6 million worth of BEER. The movement was followed by the address that started with 2MLQt, which sold $1.5 million right after. The wallets started with GcFPr and 9xxHp also sold $1.2 million and $1.3 million worth of BEER, respectively.

The list of wallets selling seven figures worth of BEER doesn’t end with those addresses, as Wazz mentioned D5cP7, BoUsA, and BPxBh selling $1 million each. Furthermore, the wallet started with 38bA9 sold $1.5 million. Four other wallets wrap the sell-off out by dumping nearly $3 million on the market. Additionally, the numbers could be higher.

“Just the wallets presented here a total of $15M was sold not only during this flash dump but the last few days. Real number likely 2-3X higher as there were many more wallets which sold their stack for hundreds of thousands but I couldnt be bothered to go through all of them.”

As reported by Crypto Briefing, significant insider trading activity was also identified on the token DADDY, promoted by Andrew Tate. Insiders hold nearly 30% of DADDY’s supply, worth $45 million yesterday. Recently, these holders started selling their tokens, as flagged by Bubblemaps.

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