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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.”

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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.”

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At time of writing, BEER is trading at $0.000175, down significantly since the whale sold much of its position.

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