Beercoin, a newly launched meme coin on the Solana ecosystem, has recently experienced a significant surge, and a particular crypto whale appears to be behind it.
This meme coin is gaining attention from investors as it aims to replicate and surpass the performance of other popular Solana-based meme coins, such as Dogwifhat (WIF), Bonk, Book of Meme (BOME), Cat in a Dogs World (MEW), and Popcat.
Meme Coin Whale Buys Millions in BEER
Meme coins have carved a niche in the crypto industry, often outperforming larger coins like Ethereum and Polkadot. For instance, Dogwifhat’s market cap has soared to over $3.5 billion, while BONK, BOME, and MEW have valuations of $2.3 billion, $932 million, and $374 million, respectively.
Beercoin, branding itself as liquid gold, offers several perks to its holders, including a chance to win a Tesla CyberTruck, a VIP ticket to Oktoberfest, shares in Heineken, and a ten-year beer supply.
According to Lookonchain, the significant price increase BEER has experienced can be attributed to a crypto whale’s aggressive buying spree.
“Why has the price of meme coin BEER been rising? It’s probably because a whale had been buying BEER crazily. He has spent 31,052 SOL ($5.2 million) to buy 29.25 billion BEER at an average price of $0.0001784 since May 25,” the analyst said.
Crypto Whale BEER Purchasing Behavior. Source: TradingView
Analyzing BEER’s 4-hour chart reveals a parabolic growth pattern, with low support at $0.00033 and resistance at $0.00047. The all-time high (ATH) stands at $0.00057. The Volume Oscillator’s alignment with the price suggests movement driven by both buyer and seller sentiment, while the Relative Strength Index (RSI) is at 64.4, indicating potential overbought conditions.
Investing in BEER now involves considering liquidity, listing scenarios, and overall market trends. The key level is the $0.00033 support. A pullback to this point could signal uncertainty while breaking above $0.00046 might lead to new ATHs.
Read more: 11 Top Solana Meme Coins to Watch in June 2024
BEER Price Performance. Source: TradingView
As with any investment, due diligence is crucial. Beercoin’s future performance will depend on market conditions and investor sentiment, making it essential to stay informed and cautious.
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