On June 5, the meme token Beercoin reached its ATH at $0.0005646. This followed significant purchases by a single trader, as noted by analysts at Lookonchain.
Why has the price of #MEMEcoin $BEER been rising?
It’s probably because a whale had been buying $BEER crazily.
He has spent 31,052 $SOL($5.2M) to buy 29.25B $BEER at an average price of $0.0001784 since May 25.
At the current price, the unrealized profit is ~$6M!… pic.twitter.com/V63WUEXeaI
— Lookonchain (@lookonchain) June 6, 2024
From May 25 to June 5, the user spent 31,052 SOL ($5.2 million) to acquire 29.25 billion BEER at an average price of $0.0001784.
On June 6, they purchased an additional 88.2 million coins.
The investor’s current unrealized profit exceeds $11.26 million.
According to CoinGecko, BEER’s value has risen by 152.5% over the week. At the time of writing, the token is trading at $0.00038377 with a market capitalization of $338.2 million.
Previously, ForkLog reported that a trader earned $1.7 million in four days on the PEW token.