Beercoin, a newly launched meme coin in the Solana ecosystem, has recently experienced a significant surge, and a certain cryptocurrency whale appears to be behind it.
This meme coin has captured the attention of investors as it aims to replicate and surpass the performance of other popular Solana-based meme coins, including Dogwifhat (WIF), Bonk, Book of Meme (BOME), and Cat in a Dogs World (MEW). I am receiving it. , Popcat.
Meme Coin Whale Buys Millions of Dollars in Beer
Meme Coin has carved out a niche for itself in the cryptocurrency industry, often outperforming larger coins like Ethereum and Polkadot. For example, Dogwifhat’s market capitalization has soared to over $3.5 billion, while BONK, BOME, and MEW are worth $2.3 billion, $932 million, and $374 million, respectively.
Branded as liquid gold, Beercoin offers holders a number of perks, including the chance to win a Tesla CyberTruck, VIP tickets to Oktoberfest, Heineken stock, and a 10-year supply of beer.
According to Lookonchain, BEER’s significant price increase can be attributed to aggressive buying by cryptocurrency whales.
“Why is the price of memecoin BEER rising? Maybe it’s because the whales are buying beer like crazy. He spent 31,052 SOL ($5.2 million) to purchase 29.25 billion BEER at an average price of $0.0001784 since May 25,” the analyst said.
Analyzing the 4-hours chart of BEER, we see a parabolic growth pattern with low support at $0.00033 and resistance at $0.00047. The all-time high (ATH) is $0.00057. A correction in the volume oscillator suggests a move driven by sentiment from both buyers and sellers, while the relative strength index (RSI) is at 64.4, indicating a potential overbought condition.
Investing in BEER now involves considering liquidity, listing scenarios, and overall market trends. The key level is $0.00033 support. A decline to this point could indicate uncertainty and a break above $0.00046 could lead to a new ATH.
Read More: Top 11 Solana Meme Coins to Watch in June 2024
As with any investment, due diligence is important. Beercoin’s future performance will depend on market conditions and investor sentiment, so it is essential to stay informed and pay attention.
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