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Meme coin mania is cooling off this week.
The “liquid gold” BEERCOIN token is down over 55% since yesterday, while Book of Meme has dropped 16%.
However, one expert sees this downturn as an opportunity to invest early in Sealana – a token he believes could 100x once listed on exchanges.
Insider Selling Triggers Massive Price Drop for BEERCOIN
After a strong rally in the first week of June, BEERCOIN (BEER) has sunk back to earth.
The meme token is now trading at just $0.000079 – its lowest price in three weeks.
This latest plunge has erased all the gains BEER had made during its rise.
From its all-time high of around $0.00057, the token has dropped 86%, wiping out over $250 million in market value.
So, what’s behind BEER’s downturn?
Evidence suggests mass insider selling by whales and early investors cashing in their profits.
Blockchain analysts at Lookonchain revealed that multiple large wallets, some linked to BEERCOIN’s team, have been aggressively dumping their tokens.
One wallet alone cashed out 5.43 billion BEER tokens, worth over $1 million at the time.
With insiders appearing to rush for the exits, it’s no surprise retail investors are following suit.
As a result, BEER’s price has fallen off a cliff.
Book of Meme Price Plummets as Market Cap Is Halved
Another meme coin is experiencing a massive selloff.
Book of Meme (BOME), the token inspired by the iconic internet troll handbook, has seen a sharp decline of its own this week.
BOME is now trading at just $0.0081 – a 28% plunge from Friday’s high.
This marks the token’s lowest point since mid-April as it continues its multi-week downtrend.
In fact, from its all-time high in March, BOME has surrendered 71% of its value.
The damage extends beyond just the price.
BOME’s market cap has been cut in half, shedding over $500 million as the meme coin unravels.
Even more concerning, open interest in BOME has collapsed, according to CoinGlass data.
At just $68 million, it’s the lowest level in nearly two months – a sign that speculative money is exiting the market.
It’s up for debate whether this hammering is due to broader market pessimism or holders simply moving on to newer tokens.
But one thing’s clear: the hype around Book of Meme is fading fast.
Sealana Presale Raises $5M & Experts Back it to 100x After DEX Listing
While BEER and BOME struggle, a new meme coin is thriving.
Sealana (SEAL), a seal-themed crypto, has raised over $5 million in its ongoing presale phase.
And with only seven days remaining, there’s a growing sense of FOMO from investors looking to get in on the ground floor.
Right now, SEAL tokens are on offer for just $0.022 each.
That fixed price will only be available until SEAL makes its DEX debut after the presale ends.
From there, the token will be subject to the same volatile price dynamics that have rocked cryptos like BEER and BOME.
Interestingly, the buzz around Sealana has been boosted by several bullish calls.
YouTube influencer Jacob Bury, who has an audience of over 40,000 subscribers, named SEAL as one of his five best meme coins to buy now.
But Bury didn’t stop there.
He even predicted that SEAL could 100x in value once it lists on DEXs in the coming weeks.
This lofty forecast was backed by the analysts at 99Bitcoins – a channel that has over 700,000 subscribers.
While such explosive predictions seem outlandish for a token with no utility, crazier things have happened.
In fact, before BEERCOIN’s demise, the token had rallied 6,300% in just two weeks.
So, as the presale clock ticks down, all eyes are on Sealana to see if it can deliver the massive gains that some are predicting.
