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Beercoin Price Surge Amidst Cryptocurrency Decline
The Beercoin price is soaring while Bitcoin and major altcoins are experiencing a decline. The $BEER token has reached a record high of $0.000572, marking an increase of over 700% from its lowest point last week. This surge has elevated its market cap to more than $276 million, positioning it among the top Solana meme coins.
Growing Number of Beercoin Holders
Beercoin, a recently launched Solana meme coin, is gaining traction with a significant increase in the number of holders. According to the developers, there are now over 40,000 holders, and this number is steadily growing despite the weakening sentiment in the cryptocurrency industry.
The token’s popularity has also surged as more centralized exchanges list it. Beercoin is now available on major platforms such as Bitget, Gate, ByBit, and MexC. Additionally, it is listed on decentralized exchanges (DEX) like Raydium and Jupiter.
As a result, the daily trading volume of the $BEER token has increased significantly. Data shows that the volume soared to over $183 million on Tuesday, up from $69 million on Monday.
Comparison with Other Solana Meme Coins
Beercoin has joined the ranks of other successful Solana meme coins this year. For instance, Dogwifhat has seen its market cap rise to over $2.6 billion, making it the fourth-largest meme coin after Dogecoin, Shiba Inu, and Pepe. Bonk, launched in December 2022, boasts a market cap of over $1.89 billion, while Book of Meme (BOME) is valued at $702 million. Other rapidly growing Solana meme coins include Cat in a Dogs World and Popcat.
Developers are increasingly choosing Solana to launch their meme coins due to its superior speed and lower transaction costs compared to Ethereum. Solana’s DEX networks like Raydium, Orca, and Jupiter have also gained significant market share.
Beercoin, which describes itself as liquid gold, recently completed its token sale, raising millions of dollars from investors.
Beercoin Price Analysis
The hourly chart indicates that the BEER token price has been in a bullish trend over the past few days, reaching a high of $0.000572. Since June 5th, it has struggled to move above this level. The token has remained slightly above the 50-period moving average and the red ascending trendline.
Beercoin has also stayed between the Woodie pivot point and the first resistance point. Therefore, the outlook for the token is currently neutral. Further upside potential will be confirmed if the token crosses the crucial level of $0.000572. If this occurs, the next target will be $0.0007, the first resistance of the Woodie pivot point. Alternatively, the token may start to retreat as investors begin to take profits.
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