Whale Manipulation Warning on Meme Coin! Price Boom May Be Fake!
Although the meme coin craze seems to be over in the cryptocurrency market, some tokens are still exhibiting explosive price movements. It is very important to understand the facts behind the price movements of these tokens. In this context, analytics platform Lookonchain shed light on the background of a meme coin that has recently gained popularity and warned investors of the potential manipulation tactics of a whale.
Lookonchain's Warning:
Be careful when trading with BEER token!
A whale may sell large amounts of BEER to drive the price down, causing panic selling.
It can then buy BEER at the bottom, pushing the price up and encouraging retail investors to buy with FOMO (Fear of Missing Out).
When the price rises, he can sell again in large quantities to make a profit.
From the transactions, we can see that the whale makes a profit by buying low and selling high.
About BEER Coin
A Solana based meme coin.
It has a market value of $166 million.
It is listed on exchanges such as Gate.io, HTX and Kucoin.
It is trading at $0.000301, up nearly 80% in the last 24 hours.
One of the most searched and viewed cryptocurrencies according to CoinMarketCap.
BEER coin's sudden price movements may be an indication of manipulation.
It is important to do detailed research and evaluate your risks before investing.
Remember that whales have the power to manipulate the market.
Bitcoin is consolidating in a range and trying to maintain its gains.
BEERCOIN and some other altcoins have surpassed Bitcoin.
Uniswap (UNI) and Toncoin (TON) rose, defying broader market trends.
Stacks (STX), Brett (BRETT), Akash Network (AKT) and Arweave (AR) fell.
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