Beercoin (BEER) price is soaring while Bitcoin and major altcoins are dropping. The $BEER token reached a record high of $0.000572, up over 700% from its lowest point last week. This surge has pushed its market cap to over $276 million, making it one of the top meme coins on the Solana network.
Beercoin, a newly launched Solana meme coin, is performing well as the number of holders continues to rise. According to the developers, there are now over 40,000 holders, and this number is growing daily, even as overall sentiment in the cryptocurrency industry weakens.
Beercoin’s Surge in Popularity and Exchange Listings
Beercoin’s token has surged as more centralized exchanges list the coin. It is now available on major platforms, including Bitget, Gate, ByBit, and MexC. Additionally, it can be found on decentralized exchanges (DEX) like Raydium and Jupiter.
As a result, the daily trading volume of the $BEER token has significantly increased. According to CoinGecko, the volume soared to over $183 million on Tuesday, up from $69 million on Monday.
Beercoin has joined other successful Solana meme coins this year. Dogwifhat has seen its market cap rise to over $2.6 billion, making it the fourth-largest meme coin in the world after Dogecoin, Shiba Inu, and Pepe.
Bonk, launched in December 2022, has a market cap of over $1.89 billion, while Book of Meme (BOME) is valued at $702 million. Other fast-growing Solana meme coins include Cat in a Dogs World and Popcat.
Developers are choosing Solana to launch their meme coins due to its superior speed and lower transaction costs compared to Ethereum. Its DEX networks like Raydium, Orca, and Jupiter have also gained substantial market share.
Beercoin, which describes itself as liquid gold, recently completed its token sale and raised millions of dollars from investors.
Beercoin Price Analysis: Bull Run and Key Resistance Levels
The hourly chart shows that the BEER token price has been in a bull run over the past few days. It soared to a high of $0.000572, but has struggled to move above this level since June 5th. The price has remained slightly above the 50-period moving average and the red ascending trendline.
Beercoin price chart: TradingView
Beercoin has also stayed between the Woodie pivot point and the first resistance point. Therefore, the outlook for the token is currently neutral.
More upside potential will only be confirmed if the token crosses the crucial level at $0.000572. If this happens, the next key level to watch will be at $0.0007, the first resistance of the Woodie pivot point. The alternative scenario is a retreat in price as investors start to take profits.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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