BEERCOIN (BEER): From Frothy Peaks to Flat Lows
In the meme coin world, weâve encountered all manner of themes, with some more outrageous than the rest. Now, we have a meme coin designed around beer that aims to unite people through enjoyment and merrymaking.
BEERCOIN is the latest addition to the Solana-based meme coin family. Similar to other Solana meme coins like WIF and BOME, it notched monumental gains within a short period of its debut. However, the token suddenly slumped, wiping out over 80% of these gains within days, followed by a controversy pointing to sabotage from the inside.
Letâs explore BEERCOIN â and learn why itâs causing such a buzz in the meme coin world.
Key Takeaways:
BEERCOIN is a Solana-based meme coin thatâs designed to embrace the partying culture of beer lovers.
It entered the market in late May 2024, gaining over 6,300% within three weeks of entry. However, BEERCOIN lost over 80% of its value in June amid allegations of a rug pull.
You can buy the BEER token on Bybit as a Perpetual contract, or on Solana DEXs through your Phantom wallet.
What Is BEERCOIN?
BEERCOIN (BEER) is a party-themed meme coin built on the Solana blockchain. Its main aim is to become the universal currency of enjoyment, especially among beer enthusiasts. The meme coin presents itself as a lifestyle with roots in Germany, a country famous for its beer festivals (especially Oktoberfest).
Upon entering the crypto world in late May 2024, BEERCOIN started pumping and even hit a market cap of $300 million in its first month, which was quite remarkable during the then-bearish market. However, its price started to tumble in mid June, with a cloud of controversy surrounding its price crash.
Currently, BEERCOIN's price is relatively flat at a support level of $0.000025. To keep its community engaged, the Beercoin project is holding different campaigns and activities. One example is the BEERIONAIRE campaign, in which participants can join in various quests to earn BEER tokens and a chance at grand rewards, such as a private jet trip to Oktoberfest.
The BEERCOIN team is also working on a beer tap game where you can play and win BEER tokens by climbing up the leaderboard. The project has also announced a BEER Label Design Contest, whose community can display their artistic skills by designing a label for beers, and receive rewards in the form of BEER tokens.
BEERCOIN's Rise and Fall
BEERCOIN was launched in late May, smashing the price charts by pumping over 6,300% within its first three weeks. Within this period, it hit its ATH of $0.0005704, and its market cap touched over $300 million. However, these astronomical gains were short-lived, since BEERâs price tumbled by over 50% in the following week and continued to drop steeply.
Following the sharp drop in BEERCOINâs price, a controversy began brewing â especially on X (previously Twitter), where the team was accused of attempting a rug pull. According to blockchain analyst and tracker Lookonchain, a certain whale allegedly pumped and dumped the token by selling a large amount of BEER when its price rose, buying it when it bottomed out to artificially pump its price and create FOMO, and selling again when the price fell.Â
Wazz, another crypto specialist, has speculated that the scam was conducted by the Beercoin team, who control 50% of the supply. Although the team has denied these allegations, the blow was tremendous for BEER holders. Nevertheless, the meme coin's community is still resilient and active with the hope that BEER will resume its ascent as the market turns bullish.
Where to Buy BEERCOIN
You can buy BEERCOIN on Bybitâs derivatives terminal as the 1000BEERUSDT Perpetual contract. Itâs also available on Bybit Web3 DEX Pro, a sophisticated trading platform that uses i-SMART technology to help you make informed and strategic trading decisions. Simply connect your crypto wallet to enjoy a seamless trading experience.
You can also use Phantom wallet to buy BEER via decentralized exchanges (DEXs) on Solana, such as Raydium and Jupiter.
Should you plan to buy BEER tokens, keep in mind that the project carries a considerable amount of risk, due to the volatile nature of meme coins, many of which are pump-and-dump schemes. That said, although BEER may have lost most of its value, its community remains optimistic that the coin will resume its bullish momentum in tandem with the market.
BEERCOIN Price Prediction
As of Jul 22, 2024, BEERCOIN was trading at $0.00002486, a 95.6% drop from its ATH of $0.0005704 on Jun 10, 2024, and a 48% rise from its ATL of $0.00001688 on May 24, 2024.
Price prediction experts remain relatively bullish on the future price of BEER. According to DigitalCoinPrice, BEERâs price could hit a high of $0.0000638 in 2025 and pump to $0.000259 by 2030. Meanwhile, CoinCodex is also bullish on BEER, predicting that the coin will rise to $âŻ0.000122 in 2025 but drop slightly to $âŻ0.000106 by 2030.
Keep in mind that these bullish predictions aren't a guarantee of the future price of BEER. We highly recommend you do your own research before investing in BEERCOIN or any other meme coin projects.
Closing Thoughts
Termed âLiquid Gold,â BEERCOIN has made excellent returns for its early buyers. While the meme coin has lost most of its initial value, its resilient community hopes it will pick up again as the cryptocurrency market continues its bullish uptrend.
#LearnWithBybit