Memecoin Traders Capitulate As Crypto Market Forms Downturn: On-Chain Data

Blockchain monitoring agency Lookonchain has noticed two sizeable merchants capitulating on their memecoin positions because the digital belongings market continues to appropriate.

The agency says one dealer with a seven-figure place capitulated on his Pepe (PEPE) holdings after holding for simply over one month.

“This PEPE dealer capitulated and bought all 114.7 billion PEPE for 366.5 ETH ($1.27 million) at a breakeven value.

He purchased 114.7 billion PEPE ($1.27 million) at $0.000011 on Could 14th and Could fifteenth.

The value of PEPE broke by way of $0.000017 on Could twenty seventh, at which period his revenue was $670,000 (+50%), however he didn’t promote for revenue.

Then PEPE started to fall all the best way and fell under its breakeven level.

Lastly, he capitulated and bought all PEPE.”

Supply: Lookonchain/X

Over on the Solana (SOL) community, Lookonchain noticed a whale offloading over $1 million in Beercoin (BEER), a memecoin devoted to beer fans.

Based on Lookonchain, the whale nonetheless has over $800,000 value of BEER left.

“A BEER whale dumped 5 billion BEER for 7,450 SOL ($1.08 million) [on June 15th].

This whale acquired 8.89 billion BEER (1% of the overall provide) from the BEER crew allocation pockets ‘8VY4LF…fDd5G2,’ however this whale didn’t take part within the pre-sale.

And the whale presently has 3.76 billion BEER ($820,000) left.”

Supply: Lookonchain/X

At time of writing, BEER is buying and selling at $0.000175, down considerably for the reason that whale bought a lot of its place.

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