- The meme coin frenzy seems to be losing steam this week.
- The BEERCOIN token has plummeted by over 55% since yesterday, and Book of Meme has decreased by 16%.
- An expert suggests this decline could be an opportunity to invest in Sealana, a token he believes could increase by 100 times once it starts trading on exchanges.
Discover the latest turn of events in the meme coin market, with dramatic price drops in BEERCOIN and Book of Meme, and potential gains for Sealana.
Insider Selling Triggers Massive Price Drop for BEERCOIN
The value of BEERCOIN (BEER) has nosedived following a significant rally at the beginning of June. Now trading at just $0.000079, the token has hit its lowest value in three weeks.
This notable dip has wiped out all gains made during the earlier increase, with BEER plummeting 86% from its all-time high of about $0.00057, equating to over $250 million in market value lost.
The downturn appears to be driven by extensive insider selling, with blockchain analysts from Lookonchain identifying massive sales from large wallets linked to BEERCOIN’s team.
One significant wallet dumped 5.43 billion BEER tokens, worth over $1 million at the time. As insiders seem to be cashing out, retail investors are also pulling out, resulting in BEER’s steep price drop.
Book of Meme Price Plummets as Market Cap Is Halved
Book of Meme (BOME), inspired by internet humor, is facing a similar slump. Trading at $0.0081—a 28% decrease from its high on Friday—the token is at its lowest since mid-April.
Since its peak in March, BOME has lost 71% of its value, and its market cap has shrunk by more than $500 million. Open interest has also plummeted to $68 million, the lowest in nearly two months, indicating a loss of speculative interest.
While it’s unclear if this decline is due to broader market sentiment or investors moving to newer tokens, it’s evident that the excitement around BOME is rapidly diminishing.
Sealana Presale Raises $5M & Experts Back it to 100x After DEX Listing
In contrast to BEER and BOME, a new meme coin is gaining traction. Sealana (SEAL), with a seal-themed motif, has garnered over $5 million in its presale stage, with just seven days left for investors to buy in at $0.022 per token.
After its debut on Decentralized Exchanges (DEX), SEAL’s price will face the same volatility seen with coins like BEER and BOME. Nonetheless, the coin has attracted attention due to bullish predictions.
YouTube influencer Jacob Bury, with over 40,000 subscribers, has highlighted SEAL as one of his top five meme coins. He predicts SEAL could see its value increase by 100 times once it is listed on DEXs.
This optimistic forecast is echoed by 99Bitcoins, a well-known channel with over 700,000 subscribers. Although such predictions might seem far-fetched for a token lacking utility, the history of meme coins shows that significant gains are possible, as BEERCOIN’s prior 6,300% surge illustrates.
With the presale period closing soon, all eyes are on Sealana to see if it can achieve the substantial returns forecasted by industry influencers.
Conclusion
The recent downturn in meme coins like BEERCOIN and Book of Meme marks a pivotal moment in the crypto market. Despite these setbacks, there may be potential opportunities with emerging tokens like Sealana, which continues to attract significant interest and optimistic predictions. Investors are closely monitoring the landscape, ready to capitalize on future shifts.
