Crypto News: Warning Issued by Analytics Company – Caution Advised When Trading This Altcoin, Hunter Whale Seeks Victims
An analytics company has issued a warning to cryptocurrency traders to exercise caution when dealing with a particular altcoin, as a crypto whale may be manipulating its price. The whale’s tactics involve selling large amounts of the altcoin, causing a drop in price that prompts individual investors to panic and sell. Subsequently, the same whale buys back at the lower price, driving up the value and enticing investors to buy in out of fear of missing out (FOMO).
Lookonchain, a cryptocurrency analysis platform, has highlighted these suspicious activities and revealed that the whale has profited significantly from these maneuvers by exploiting individual investors. The altcoin in question, BEER, has a market cap of $171 million and is traded on exchanges like Gate.io, HTX, and Kucoin. BEER is part of the Solana-based memecoin trend, which has been gaining popularity in recent times.
As of the time of writing, the price of BEER stands at $0.0003071, marking a 22% decrease in the last 24 hours. Traders are advised to exercise caution and conduct thorough research before engaging with this altcoin. Please note that this article does not constitute investment advice.
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