Blockchain analysis company Lookonchain has identified two significant traders who have liquidated their positions in meme coins as the digital asset market experiences a correction.

One trader, who had a seven-figure position, sold all 114.7 billion Pepe (PEPE) tokens after holding them for just over a month. The trader purchased the tokens for $1.27 million at a price of $0.000011 in mid-May. Despite seeing a profit of $670,000 when the price reached $0.000017 on May 27th, the trader did not sell at that time. However, as the price of PEPE continued to decline, the trader eventually decided to sell all of their holdings.

On the Solana (SOL) network, Lookonchain observed a large investor selling over $1 million worth of Beercoin (BEER), a meme coin dedicated to beer enthusiasts. The investor, who still holds over $800,000 worth of BEER, dumped 5 billion tokens for 7,450 SOL on June 15th. This investor received 8.89 billion BEER from the project’s team allocation wallet but did not participate in the pre-sale. Currently, the investor still has 3.76 billion BEER tokens.

As of the latest data, BEER is trading at $0.000175, significantly lower than when the whale sold a large portion of their holdings.

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