Beercoin price has done well in the past few days. The $BEER token soared to a record high of $0.0003495, much higher than its all-time low of $0.000080. This surge has brought its total market cap to over $300 million, according to CoinGecko data.
What is Beercoin?
Beercoin is a newly launched meme coin on the Solana ecosystem. It recently went through a token sale where it raised 30,000 SOL tokens, now valued at over $5 million.
Beercoin’s goal is to become one of the biggest meme coins in the industry. It aims to replicate and pass the performance of other Solana meme coins like Dogwifhat (WIF), Bonk, Book of Meme (BOME), Cat in a Dogs World (MEW), and Popcat.
These tokens have become major parts of the crypto industry and have a good record of doing better than bigger coins like Ethereum and Polkadot. They have also become highly popular among the trading community for their ability to transform users into millionaires.
Dogwifhat’s market cap has jumped to over $3.5 billion while Bonk, Book of Meme, and Cat in a Dogs World (MEW) have accumulated over $2.3 billion, $932 million, and $374 million in valuation.
Beercoin describes itself as liquid gold and has numerous perks to its holders. For example, it has pledged to award a lucky winner a Tesla CyberTruck, a VIP ticket to Oktoberfest, 10 shares in Heineken, one of the leading beer manufacturers in the world, and a ten-year beer supply.
However, as an unregulated asset with minimal disclosures, it is not clear whether these developers will follow through on these promises. That’s because its developers are not known and it would be impossible to sue them.
Altogether, there is a possibility that the Beercoin token will be the next big meme coin in the industry, especially if the bull run continues as Mike Novogratz has predicted. Meanwhile, on-chain data shows that the token has already attracted almost 30,000 holders.
Beercoin price forecast
The 30-minute chart shows that the BEER token price has surged in the past few days. It has moved above the 25-period moving average. Most importantly, the token has formed a bullish pennant pattern, a popular bullish sign. Its daily trading volume has also rebounded.
Therefore, the $BEER token price will likely have a bullish breakout as buyers target the key resistance point at $0.0040. This price action could happen as Beercoin receives more exchange listings, especially big names like Binance and OKX.
