The cryptocurrency market has experienced a mix of outcomes in the past 24 hours, with major coins like Bitcoin, Ethereum, and Ripple making minor gains and recovering from recent losses. On the other hand, AI-related coins like (link unavailable) have seen significant double-digit increases. However, not all digital assets are faring well, with some experiencing substantial losses.

One notable example is the meme coin Beercoin (BEER), which has seen its price plummet by 35% in the past 24 hours and 80% over the past week. This drastic decline coincides with the actions of large investors, or 'whales', who have sold off their holdings en masse. According to Lookonchain, a blockchain data analytics platform, one whale sold 8.78 billion BEER tokens, almost their entire stash, for $1 million, while another sold 5.43 billion assets for approximately $1.13 million.

The sell-offs by these whales have had a negative impact on the price of BEER, as the increased supply has overwhelmed current demand. Additionally, their actions have damaged the asset's reputation, causing panic within the community and prompting other investors to sell their holdings. This drastic plunge serves as a warning to traders about the potential risks involved in the meme coin market.

Earlier this month, BEER was among the top performers in the meme coin sector, reaching an all-time high of approximately $0.0005 on June 10, with a market capitalization of $500 million. However, its current market capitalization stands at less than $70 million. This significant decline highlights the importance of thorough research and caution when investing in the meme coin market.

Traders should be aware of the potential risks and only invest what they are prepared to lose. The cryptocurrency market can be unpredictable, and assets like BEER can experience sudden and drastic fluctuations in value. As the market continues to evolve, it is essential for traders to stay informed and make informed decisions.