Cryptocurrency analysis platform Lookonchain, in its statement, called on cryptocurrency followers to be careful when trading an altcoin.
According to analysts, a huge cryptocurrency whale in the memecoin named BEER first causes the price to fall by selling large amounts, which results in individual investors panicking and selling.
After this, the same whale starts buying again at the bottom price, increasing the price and causing individual investors to buy due to FOMO this time.
Finally, as the price rises, it sells in large quantities again. When Lookonchain analysts examined the latest chart, they announced that this whale made a large amount of profit from individual investors by buying low and selling high.
BEER has a market cap of $171 million and is listed on relatively mid-sized cryptocurrency exchanges such as Gate.io, HTX, and Kucoin. The altcoin in question belongs to the Solana-based memecoin trend, which has been gaining increasing popularity lately.
At the time of writing this article, BEER price is trading at $0.0003071, with a 22% decrease in the last 24 hours.
*This is not investment advice.