- BEERCOIN’s value has fallen 70% in the past seven days.
- Meme coins showed signs of recovery.
Solana [SOL] Meme coins have been getting a lot of attention lately, and BEERCOIN [BEER] is one of them.
Memecoin has experienced a significant price drop, which seems natural given the overall bearish market conditions. However, there is more to this story and over the past 24 hours, Memecoin price has gained bullish momentum.
Solana beer faces challenges
Last week was a disastrous one for BEER investors, as the meme coin’s price plummeted 70% to $0.00014 on June 13th.
SolanaFloor, a popular X-handle that posts updates about the blockchain ecosystem, recently Tweet It is emphasized that the drop in BEERCOIN’s price is not simply a result of market conditions.
Instead, one whale sold over $10 million worth of BEER, which caused panic among investors and increased selling pressure across the board, causing the price of BEERCOIN to drop significantly.
But LookonChain pointed to another beer-related development. Tweet.
According to the tweet, whales who sold beer to drive down the price of beer began buying up beer once the price hit bottom, a type of price manipulation that often occurs with smaller tokens.
However, things started to improve as prices of Solana-based meme coins began to recover.
according to CoinMarketCapBEER is still down 11% in the past 24 hours. At the time of writing, BEER is trading at $0.0003004, with a market cap of over $165 million.
Trading volume for meme coins has also increased since the price drop, which could provide a basis for a recovery.
Source: Santiment
AMBCrypto’s analysis of BEER’s hourly chart reveals that the price is in a low volatility zone, suggesting that a significant price drop is unlikely.
Additionally, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are both recording upside, which could help BEER recover from its recent losses.
Source: TradingView
Solana’s chart remains red
Like BEER, Solana has also faced difficulties, dropping over 2% in the past 24 hours. At the time of writing, SOL is trading at $148.21 and has a market cap of over $68 billion.
Is your portfolio green? SOL Profit Calculator
What is interesting is that despite the price drop, the weighted sentiment for SOL increased, meaning bullish sentiment towards the token has increased in the market.
Additionally, social volume remained high throughout the past week, reflecting its popularity.
Source: Santiment
