Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Is It Too Late To Buy Beercoin? BEER Rallies Nearly 30% Amid Growing Investor Interest and Strategic Token Burn

Beercoin has captured the attention of the cryptocurrency market, emerging as one of the day’s top performers, with an impressive gain of close to 30% in the last 24 hours. As of the latest reports, it was trading at $0.0005194, up 29%. This price rally has not gone unnoticed, as Beercoin is currently the third most searched cryptocurrency on Solscan, indicating a significant level of investor interest.

One Billion Beercoin Tokens Burned 

The strategic token burn initiative launched yesterday is a significant catalyst for Beercoin’s rally today. Beercoin conducted a billion token burn, significantly reducing its circulating supply, promising more burns in the future. This move has excited the market, as a reduced supply typically increases the odds of a price hike, creating a favorable environment for investors.

Low Market Gives Room for Growth

Despite its recent gains, Beercoin remains a low-cap cryptocurrency, boasting a market capitalization of $285.45 million. The growing investor interest and the ongoing token burns have fueled speculation that Beercoin could reach a market cap of $1 billion. The fear of missing out (FOMO) is building around this token, driving more investors to jump on the bandwagon.

Beercoin Listed on OKX DEX 

Adding to the excitement, Beercoin is gaining traction on mainstream exchanges. It is already available on Gate.io, and today, OKX announced that the coin is now listed on OKX DEX. This announcement was met with enthusiasm, as Beercoin’s official X account proclaimed, “The $BEER & @okx journey begins…. $BEER IS LANDING ON OKX DEX 🍻 Now you can freely trade liquid gold on their DEX, but that’s just the beginning.”

The listing on OKX DEX not only increases Beercoin’s accessibility but also enhances its liquidity, making it easier for investors to buy and sell the token. This increased visibility and ease of trading will likely attract even more investors, contributing to the bullish momentum surrounding Beercoin.

The Broader Market is Increasingly Bullish 

The broader cryptocurrency market is also experiencing a bullish phase, further amplifying Beercoin’s positive performance. As market sentiment continues to improve, meme coins like Beercoin are poised to benefit from the heightened enthusiasm and influx of new capital.

Outlook is Bright 

Beercoin’s nearly 30% gain in the last 24 hours indicates its potential as a rising star in the cryptocurrency market. The strategic token burns, growing investor interest, and new exchange listings are key factors driving its success. With a market capitalization of $285.45 million and the potential to reach $1 billion, it is a token to watch closely. With the broader cryptocurrency market bullish, it could be well on its way to entering the top #100 cryptocurrencies by market cap. 

Related: BEER Surges 62% On The Backdrop of An NFT Retro Drop

Beercoin Bulls Gain Momentum as Buying Volumes Rise

beercoin
Source: TradingView

BEER has maintained bullish momentum for over two weeks now. After a slight deep yesterday, it has regained this momentum, an indicator that every dip is being bought up as bulls anticipate even higher gains. 

If bulls can push the coin through yesterday’s high of $0.00057766, prices as high as $0.000700 could be hit within the day. However, if bullish momentum slows down and bulls cannot break yesterday’s high of $0.00057766, the two scenarios could play out today. 

The first is a possible consolidation between $0.00057766, now resistance, and $0.00043979, a critical intra-day support level. On the other hand, if bears take control and push Beercoin through the$0.00043979 support, Beercoin could drop to $0.0001500. 

Why Beercoin is Likely Headed Higher

Of all the scenarios that could play out, the odds are higher that BEER crypto could sustain the upside momentum that started in May. That’s because more people now know about Beercoin than last month. 

Also, with the latest move to do a token burn and BEER’s low market cap, more people are likely to FOMO into this meme coin in anticipation of more gains. BEER could easily be a 100x cryptocurrency in the making. 

Read More

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Binance Banner