Following a rapid surge of 5,200% in just two and a half weeks, the Solana-based meme coin BEER plummeted by 85% within days due to substantial sell-offs by insiders, according to a report on X by a user named Wazz. The selling spree from 13 different wallets totaled more than $15 million during this period.

According to Wazz, insiders and affiliated parties controlled more than 50% of BEER's total supply. The sell-off occurred shortly after BEER was listed on ByBit, allowing for greater access to liquidity.

The wallet starting with Ba1rZ was pinpointed as a potential trigger for the dump after offloading $1.6 million worth of BEER. This was followed by another address, 2MLQt, which sold $1.5 million soon after. Wallets starting with GcFPr and 9xxHp also contributed significant amounts, selling $1.2 million and $1.3 million of BEER, respectively.

The list of high-value sell-offs includes wallets like D5cP7, BoUsA, and BPxBh, each selling $1 million, alongside the wallet starting with 38bA9, which offloaded $1.5 million. Four other wallets collectively dumped nearly $3 million more onto the market. Wazz noted that the actual figures could be substantially higher, as numerous other wallets sold hundreds of thousands of dollars worth of BEER.

In another instance reported by Crypto Briefing, substantial insider trading activity was identified in the token DADDY, endorsed by Andrew Tate. Insiders held nearly 30% of DADDY's supply, valued at $45 million initially. Recently, these insiders began selling their tokens, as highlighted by Bubblemaps.