Surge in number of holders prompts thorough analysis of Beercoins BEER price trajectory
Beercoin is seeing a surge in price while Bitcoin and other major altcoins are experiencing a decline. The $BEER token has reached a record high of $0.000572, marking a 700% increase from its lowest point last week and bringing its market cap to over $276 million. This has positioned it as one of the top meme coins on the Solana network.
The number of Beercoin holders is rapidly increasing, with over 40,000 holders reported by the developers and a growing number each day, despite the weakening sentiment in the cryptocurrency industry.
The token has also gained traction as more centralized exchanges have listed it, including Bitget, Gate, ByBit, and MexC, as well as decentralized exchanges like Raydium and Jupiter. This has led to a significant increase in the daily trading volume, which has surged to over $183 million from $69 million in just a few days, according to CoinGecko data.
Beercoin is among the Solana meme coins that have seen notable success this year. Other meme coins like Dogwifhat, Bonk, Book of Meme (BOME), Cat in a Dogs World, and Popcat have also experienced substantial market cap growth.
Developers are turning to Solana to launch their meme coins due to its superior speed and lower transaction costs compared to Ethereum, with its DEX networks like Raydium, Orca, and Jupiter gaining significant market share.
Beercoin, which boasts itself as liquid gold, recently completed its token sale and raised a significant amount of funds from investors.
Looking at the price analysis, the hourly chart indicates that the BEER token has been on a bullish trend, reaching a high of $0.000572 and struggling to move above this level since June 5th. It has also remained above the 50-period moving average and the red ascending trendline, staying between the Woodie pivot point and the first resistance point. As a result, the outlook for the token is currently neutral, with the potential for further upside if it crosses the important level at $0.000572, or a retreat if investors begin to take profits.
