The price of BeerCoin ($BEER) has plummeted over 60% today, as a wallet linked to the BeerCoin team offloaded significant holdings.

This wallet, which received 8.88 billion $BEER from the BeerCoin team wallet “8VY4LF…fDd5G2”, sold 8.7 billion $BEER for $1 million over the past two days.

In a recent announcement on X (formerly Twitter), the BeerCoin team revealed that they have been closely monitoring the wallets of all major partners and key opinion leaders (KOLs) who had previously received $BEER allocations. The on-chain analytics indicated that 95% of these allocations have been fully sold during the recent market panic, exacerbating the price decline.

Investor’s Confidence On $BEER Gets Shaken Due To The Massive Selloff 

The sudden sell-off by the team-linked wallet and the mass liquidation by partners and KOLs have shaken investor confidence. The BeerCoin team’s tracking efforts underscore their concerns about the stability of $BEER’s market, but it has not been enough to prevent the sharp drop in value.

This massive sell-off and subsequent price drop highlight the volatile nature of cryptocurrency markets, especially for tokens with concentrated holdings. The BeerCoin team’s announcement and tracking efforts aim to restore some level of transparency, but the damage to $BEER’s market perception may take time to repair.

As BeerCoin struggles with this significant price drop, investors and market watchers will be looking for signs of stabilization or further volatility. The actions of large holders and the team’s response will be critical in determining the future trajectory of $BEER.

The recent events serve as a reminder of the risks associated with cryptocurrencies, where market sentiment can shift rapidly due to large transactions and the actions of influential stakeholders. The BeerCoin community will be closely monitoring the situation as they navigate through this period of uncertainty.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: 4559585/123RF // Image Effects by Colorcinch