Memecoins
How a Crypto Whale is Pumping BEER with Meme Coins
Beercoin, a meme coin just launched on the Solana ecosystem, has recently seen a significant increase and there appears to be a particular cryptowhale behind it.
This meme coin is attracting investor attention as it aims to replicate and outperform 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 of BEER
Meme coins have carved out a niche for themselves in the cryptocurrency industry, often outperforming larger coins like Ethereum and Polkadot. For example, Dogwifhat’s market capitalization has risen to over $3.5 billion BONK, BOMEand MEW have valuations of $2.3 billion, $932 million and $374 million, respectively.
Beercoin, presenting itself as liquid gold, offers numerous benefits to its holders, including the chance to win a Tesla CyberTruck, a VIP ticket to the Oktoberfest, Heineken shares and a ten-year supply of beer.
According to Lookonchain, the significant increase in BEER prices can be attributed to the aggressive buying spree of a crypto-whale.
“Why did the price of the BEER meme coin increase? It’s probably because a whale has been madly buying BEER. She spent 31,052 SOL ($5.2 million) to purchase 29.25 billion BEER at an average price of $0.0001784 as of May 25,” the analyst She said.
Crypto Whale BEER Buying Behavior. Source: TradingView
Analysis of 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) is $0.00057. The volume oscillator’s alignment with price suggests a sentiment-driven movement of both the buyer and seller, while the relative strength index (CSR) is at 64.4, indicating potential overbought conditions.
Investing in BEER now involves considering liquidity, pricing scenarios and general market trends. The key level is the $0.00033 support. A pullback to this point could signal uncertainty, while breaking above $0.00046 could lead to fresh ATH.
To know more: 11 Best Solana Meme Coins to Watch in June 2024
As with any investment, due diligence is key. Beercoin’s future performance will depend on market conditions and investor sentiment, making it essential to remain informed and cautious.
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