Solana’s low fees and fast throughput have made it the ideal network to create new cryptocurrencies, making it easy for meme coin creators.
A recent report revealed, there were nearly half a million ( 455,000) tokens were created on the Solana blockchain. This is the highest for any blockchain to date. Solana network seems to be replicating the scenario of the Ethereum ICO phase in 2017.
Amid all this, there released a new memecoin on the Solana network, Beercoin (BEER) with a presale of collecting 30,000 SOL. BEER at the time of writing is $0.00044, has moved 163% up in the weekly frame and 330% up in a month, and shows a bullish trend ahead.
BEER is a must-watch crypto
There is not much chart data available to retract any historical performance, but in the 4hr chart BEER/USDT chart, a parabolic growth can be seen. BEER has very low support at $0.00022, at a 50% drop, a resistance of $0.00046, and an upper level of $0.0005, its ATH.
The Volume oscillator moving alongside the price is an indicator of the price moving according to both buyer and seller sentiment. But the Money Flow Index( MFI) at 79 shows the asset might be moving into overbought territory.
Is It good to buy BEER now?
BEER is a meme coin, that is poised to move along with the trend. Look at terms like Liquidity, listing scenario, and the overall market trend, BEER can be a go-to crypto.
Things to look up is the critical zone of $0.0003 and $0.0002, if the price is pulled back to trade into this range, it is uncertain of the direction. Any shoot-up aboce the $0.00046 will either create a sideways trading zone or jump to break into new ATH.
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