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

Blockchain tracking firm Lookonchain has spotted two sizeable traders capitulating on their memecoin positions as the digital assets market continues to correct.

The firm says one trader with a seven-figure position capitulated on his Pepe (PEPE) holdings after holding for just over one month.

“This PEPE trader capitulated and sold all 114.7 billion PEPE for 366.5 ETH ($1.27 million) at a breakeven price.

He bought 114.7 billion PEPE ($1.27 million) at $0.000011 on May 14th and May 15th.

The price of PEPE broke through $0.000017 on May 27th, at which time his profit was $670,000 (+50%), but he did not sell for profit.

Then PEPE began to fall all the way and fell below its breakeven point.

Finally, he capitulated and sold all PEPE.”

Over on the Solana (SOL) network, Lookonchain saw a whale offloading over $1 million in Beercoin (BEER), a memecoin dedicated to beer enthusiasts.

According to Lookonchain, the whale still has over $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 BEER team allocation wallet ‘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 time of writing, BEER is trading at $0.000175, down significantly since the whale sold much of its position.

Generated Image: DALLE3