- BEERCOIN’s value declined by 70% in the last seven days.
The memecoin showed signs of recovery.
As a seasoned crypto investor, I’ve seen my fair share of market volatility and price swings. The recent 70% decline in BEERCOIN’s value within a week was certainly disheartening, but not entirely unexpected given the current bearish market conditions. However, the signs of recovery are promising.
Solana [SOL] memecoions have created much buzz off late, and BEERCOIN [BEER] is one of them.
The memecoin experienced a significant price decrease, which could be expected given the prevailing bearish market trend. Yet, an unexpected turn of events occurred within the last 24 hours, causing the memecoin’s price to surge in a bullish direction.
Solana’s BEER faces a challenge
Over the past week, BEER investors experienced significant losses as the memecoin’s value plummeted by approximately 70%. The coin’s price dipped down to a dismal $0.00014 on June 13th.
Recently, SolanaFloor, a well-known account on the X handling platform, drew attention to a noteworthy observation regarding BEERCOIN’s price drop. This decrease wasn’t solely due to market fluctuations, according to their tweet.
A whale, selling beer valued over ten million dollars, triggered anxiety amongst investors. Subsequently, selling intensity surged, resulting in a significant decrease in Beercoin’s value.
Lookonchain, however, pointed out yet another development related to BEER through a tweet.
According to the post, the whale, who artificially lowered BEER‘s price by selling it, began buying it back once its price hit rock bottom. Price manipulations of this kind are quite common in the smaller market cap token scenes.
The price of the memecoin built on the Solana blockchain began to rebound, bringing about an improvement in its fortunes.
As a crypto investor, I’ve noticed that BEER has experienced a setback in the past 24 hours, as its value has dipped by 11% based on CoinMarketCap data. Currently, BEER is priced at $0.0003004 in the market. With a market capitalization exceeding $165 million, it remains a significant player in the crypto sphere.
After the price decrease, the memecoin’s trading activity has increased noticeably, providing a potential base for its rebound.
Based on AMBCrypto’s examination of BEER‘s one-hour price chart, it appears that the cryptocurrency is currently experiencing lower volatility, indicating a reduced likelihood of a significant price decline.
Furthermore, the RSI and CMF indicators of BEER experienced upward movements. This could potentially support a rebound for BEER following its recent price decline.
Solana’s chart remains red
Similar to how Beer experienced a dip, Solana saw a decrease of more than 2% within the past 24 hours. Currently, its price stands at $148.21, and it boasts a market cap exceeding $68 billion.
As a crypto investor, I found it intriguing that while SOL‘s price was dropping, its weighted sentiment showed an uptick. This signified a surge in optimistic feelings towards the token among market participants.
Moreover, its social volume also remained high throughout the last week, reflecting its popularity.
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2024-06-15 05:11