Surging Number of Holders Drives Price Analysis of Beercoin (BEER)

Exciting news in the crypto world! Beercoin is on the rise, outperforming Bitcoin and other major altcoins. The $BEER token has reached an all-time high of $0.000572, marking a staggering 700% increase from last week. With a market cap now exceeding $276 million, Beercoin is establishing itself as a top meme coin on the Solana network.

Beercoin community is growing

The Beercoin community is expanding rapidly as more people hop on board. There are currently over 40,000 holders and this number continues to climb every day, even amidst the downturn in the crypto market sentiment.

Furthermore, Beercoin’s availability on various centralised exchanges like Bitget, Gate, ByBit, and MexC, as well as decentralised exchanges (DEX) including Raydium and Jupiter, has contributed to a significant spike in daily trading volume. According to CoinGecko, trading volume surged to over $183 million on Tuesday compared to $69 million on Monday.

Beercoin joins the ranks of successful Solana meme coins this year, alongside the likes of Dogwifhat, Bonk, Book of Meme (BOME), Cat in a Dogs World, and Popcat. These coins have seen impressive market caps, with Dogwifhat now ranking as the fourth-largest meme coin globally.

Many developers are choosing Solana for launching 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 traction in the industry.

Describing itself as liquid gold, Beercoin recently completed its token sale and raised substantial funds from investors.

Beercoin price update

Check out the Beercoin price chart!

Analysis of the hourly chart reveals a bullish trend for the BEER token in recent days. It reached a peak of $0.000572 on June 5th and has been hovering around this level since. Trading above the 50-period moving average and a red ascending trendline, Beercoin currently sits between the Woodie pivot point and the first resistance point, indicating a neutral outlook.

To confirm further upside potential, the token must break above $0.000572, with the next target at $0.0007, the first resistance level of the Woodie pivot point. However, a scenario where investors begin to take profits could lead to a retreat in the token’s price.