Blockchain tracking company Lookonchain has seen two major traders capitulate to their memecoin positions as the digital asset market continues to correct.
The company says one trader with a seven-figure position capitulated to his Pepe (PEPE) positions after holding for just over a month.
“This PEPE trader capitulated and sold all 114.7 billion PEPE for 366.5 ETH ($1.27 million) at a break-even price.
He bought 114.7 billion PEPE ($1.27 million) for $0.000011 on May 14 and 15.
The price of PEPE broke through $0.000017 on May 27, at which time his profit was $670,000 (+50%), but he did not sell at a profit.
Then PEPE started to fall completely and fell below the breakeven point.
Ultimately he capitulated and sold all the PEPE.”
On the Solana (SOL) network, Lookonchain spotted a whale unloading more than $1 million worth of Beercoin (BEER), a memecoin specifically for beer lovers.
According to Lookonchain, the whale still has more than $800,000 worth of BEER left.
“A BEER whale dumped 5 billion BEER for 7,450 SOL ($1.08 million) [on June 15th].
This whale received 8.89 billion BEER (1% of the total supply) from the allocation portfolio of the BEER team ‘8VY4LF…fDd5G2’, but this whale did not participate in the pre-sale.
And the whale currently has 3.76 billion BEER ($820,000) left.”
At the time of writing, BEER is trading at $0.000175, a significant drop since the whale sold a large portion of its position.
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Generated image: DALLE3