Beercoin (BEER) price analysis as the number of holders surge

Beercoin price is soaring while Bitcoin and major altcoins are dumping. The $BEER token soared to a record high of $0.000572 and is up more than 700% from its lowest point last week. This surge has brought its market cap to over $276 million, making it one of the top Solana meme coins.

Beercoin holders are growing

Beercoin, a recently launched Solana meme coin, is doing well as the number of holders jump. According to the developers, there are now over 40,000 holders and the number is growing by the day even as sentiment in the cryptocurrency industry weakens.

Beercoin’s token has also jumped as more centralised exchanges are listing the coin. It is now available at major platforms, including Bitget, Gate, ByBit, and MexC. In addition, it is available in decentralised exchanges (DEX) like Raydium and Jupiter. 

As a result, the daily volume of the $BEER token has jumped sharply in the past few days. Data by CoinGecko shows that the volume soared to over $183 million on Tuesday from $69 million on Monday.

Beercoin has joined other Solana meme coins that have done well this year. Dogwifhat has seen its market cap jump to over $2.6 billion, making it the fourth-biggest meme coin in the world after Dogecoin, Shiba Inu, and Pepe.

Bonk, which was launched in December 2022, has a market cap of over $1.89 billion while Book of Meme (BOME) is valued at $702 million. Cat in a Dogs World and Popcat are the other fast-growing Solana meme coins. 

Developers are selecting Solana to launch their meme coins because of its superior speed and transaction costs compared to Ethereum. Its DEX networks like Raydium, Orca, and Jupiter have also gained substantial market share in the industry.

Beercoin, which describes itself as liquid gold, completed its token sale recently and raised millions of dollars from investors.

Beercoin price analysis

Beercoin price chart

The hourly chart shows that the BEER token price has been in a bull run in the past few days. It soared to a high of $0.000572, where it has struggled to move above since June 5th. It has also remained slightly above the 50-period moving average and the red ascending trendline.

Beercoin has also remained between the Woodie pivot point and the first resistance point. Therefore, the outlook for the token is neutral for now.

More upside will only be confirmed if the token crosses the important level at $0.000572. If this happens, the next point to watch will be at $0.0007, the first resistance of the Woodie pivot point. The alternative scenario is where it starts retreating as investors start to take profits.