Blockchain tracking company Lookonchain has identified two significant traders who have given up on their memecoin holdings as the digital assets market experiences a correction.

One trader, who held a seven-figure position, sold all 114.7 billion PEPE tokens after just over a month of holding. The trader initially purchased the PEPE tokens for $1.27 million at a price of $0.000011 on May 14th and May 15th. Despite seeing a profit of $670,000 when the price of PEPE reached $0.000017 on May 27th, the trader chose not to sell. As the price of PEPE continued to drop below the breakeven point, the trader ultimately decided to sell all of their PEPE holdings.

Meanwhile, on the Solana network, Lookonchain observed a whale selling over $1 million worth of BEER tokens, a memecoin dedicated to beer enthusiasts. The whale still has over $800,000 worth of BEER remaining. The whale sold 5 billion BEER tokens for 7,450 SOL ($1.08 million) on June 15th. The whale had received 8.89 billion BEER tokens from the BEER team’s allocation wallet, but did not participate in the pre-sale. Currently, the whale holds 3.76 billion BEER tokens worth $820,000.

As of the latest data, BEER is trading at $0.000175, a significant decrease since the whale sold a large portion of their holdings.

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