How a crypto-well is pulling meme coin beer.

Beercoin, the newly launched meme coin on the Solana ecosystem, has experienced a huge surge recently, and it looks like a certain crypto-well is right behind it.

This meme coin aims to replicate and outperform other popular Solana-based meme coins such as Dogwifhat (YF), Bonk, Book Meme (BOME), Cat in Dog World (MEW) and are gaining attention from investors. , and PopCat.

Mem coin well bought millions in bir

Meme coins have carved a niche in the crypto industry, often standing out more than larger coins like Ethereum and Polkadot. For example, Dogwhiphat's market cap has topped $3.5 billion, while BONK, BOME, and MEW are worth $2.3 billion, $932 million, and $374 million, respectively.

Beercoin is branding itself as liquid gold and offers its owner a number of perks, including a chance to win a Tesla Cybertruck, a VIP ticket to Oktoberfest, a share of Heineken and a ten-year supply of beer.

According to Lookonchain, the sharp increase in the price experienced by Bear may be due to the aggressive buying process of the crypto-well.

“Why is the price of MemCoin Bear increasing? Probably because a whale was buying beer like crazy. Since May 25, it has spent 31,052 SOL ($5.2 million) to buy 29.25 billion BIR at an average price of $0.0001784,” the analyst said.

Analysis of BEAR's 4-hour chart reveals a parabolic growth pattern with low support at $0.00033 and resistance at $0.00047. The all-time high (ATH) stands at $0.00057. The Volume Oscillator's alignment with the price indicates movement driven by buyer and seller sentiment, and the Relative Strength Index (RSI) is at 64.4, indicating potential overbought conditions.

Investing in BER now involves consideration of liquidity, factoring, and general market trends. The key level is the $0.00033 support. A move back to this point would indicate uncertainty and a break above $0.00046 could lead to new ATHs.

Read more: Top 11 Solana Meme Coins to See in June 2024

As with any investment, due diligence is critical. Beercoin's future performance will depend on market conditions and investor sentiment, making it important to stay informed and cautious.